Vestas, a leading sustainable energy solutions provider, has announced the sale of its stake in the Lake Turkana Wind Power project (LTWP) in Kenya. The move aligns with Vestas’ strategy of developing wind projects without long-term ownership.
LTWP, operational since 2018, supplies about 14% of Kenya’s electricity demand through its 365-turbine complex, making it Africa’s largest wind farm. Under a 20-year power purchase agreement (PPA) with Kenya Power and Lighting Company Plc, LTWP boasts a capacity of 310 MW, representing Kenya’s largest private sector investment in renewable energy.
Despite divesting its stake, Vestas remains committed to servicing the turbines, ensuring uninterrupted operations. LTWP’s ownership is diversified among six shareholders, including Anergi Turkana Investments Limited, Milele Energy Ltd, Finnfund, Danish Climate Investment Fund I K/S, and Sandpiper Ltd.
Beyond LTWP, Kenya’s wind energy sector includes projects like the Kipeto Wind Power Station, Ngong Hills Wind Farm, and the Mombasa Cement Wind Power Station.
Vestas’ decision to sell its stake in LTWP reflects its strategic focus on renewable energy development, while Kenya’s expanding wind energy sector underscores the nation’s commitment to sustainable energy transition.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
21st February, 2024
