LAKE TURKANA WIND POWER LIMITED
Status: Approved investmentWhy disclosure?
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In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Lake Turkana Wind Power is an SPV set up by its Dutch founders KP&P to develop, construct and operate a 300MW wind farm near Lake Turkana in Kenya, 500km North West of Nairobi. The project will comprise 365 Vestas wind turbine generators, each with 850kW generating capacity. The project is expected to have a capacity factor of almost 60%.
What is our funding objective?
FMO's financing will be used to fund part of the costs for the development, construction and commissioning of this wind farm. At the time of investment (August 2014), the Lake Turkana wind project is the largest wind farm in Sub-Sahara Africa to date. By financing this project FMO contributes to the increase of sustainable renewable energy generation as well as the diversification of the energy generation in Africa.
Why do we fund this investment?
The Lake Turkana project has significant development impact, creating an additional 300MW of power (over 15% of total installed capacity in Kenya in 2015), increasing the availability and affordability of electricity in Kenya. On the environmental side, this project will have a significant positive contribution to climate change and to reducing FMO's footprint, through the avoided GHG emissions. The project will enhance inclusive development, through significant energy generation for a country stricken by power shortages. The resettlement processes are geared towards enhancing livelihood development for the affected local population. FMO plays an important role as a provider of long-term funding and liquidity, which is not readily available from commercial banks. In addition, on the environmental and social side, FMO plays an important coordinating role, ensuring that the project and the transmission line development and implementation will be in line with the IFC Performance Standards.
- Website customer/investment
- http://www.laketurkanawindpower.com
- Region
- Africa
- Country
- Kenya
- Sector
- Energy
- Effective date
- 3/24/2014
- Total FMO financing
- EUR 35.00 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A