December 19th, 2014
Financial Close reached on Lake Turkana, Africa’s largest wind power project
Aldwych is delighted to announce that the Lake Turkana Wind Power Project (LTWP) has reached financial close.
At a total project cost of €623 million, LTWP is one of the largest wind power projects in the world, the largest to be constructed in Africa and is, to date, the largest private investment in the history of Kenya. The LTWP project will provide cost effective renewable power to the Kenyan consumer and will comprise approximately 20% of Kenya’s currently installed generating capacity.
The loan agreements were signed in March 2014 with the African Development Bank (AfDB), European Investment Bank (EIB), Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V. (FMO), Société De Promotion Et De Participation Pour La Coopération Economique (Proparco), Eastern And Southern African Trade And Development Bank (PTA Bank), Nedbank Capital, The Standard Bank of South Africa, Eksport Kredit Fonden (EKF), Deg – Deutsche Investitions - Und Entwicklungsgesellschaft Mbh, East African Development Bank and Triodos.
Aldwych is the largest single investor in the project, alongside KP&P Africa B.V. as co-developers and investor. Other investors are Finnish Fund for Industrial Cooperation Ltd (Finn Fund), Industrial Fund for Developing Countries (IFU), Norwegian Investment Fund for Developing Countries (Norfund), Vestas Eastern Africa (VEAL) and Sandpiper. Aldwych Turkana Ltd will oversee construction and operations of the project on behalf of LTWP.
The project has already started construction and first power is expected in 2017.
Helen Tarnoy, Managing Director of Aldwych, said “We are tremendously proud of this landmark day in the development of the LTWP project and congratulate all parties on their commitment to achieving this goal. We at Aldwych are delighted to expand our already excellent relationship with the Government of Kenya and Kenya Power and look forward to becoming a trusted and valued part of the community in northern Kenya.”
For further information see: www.ltwp.co.ke