The News:
- BlackRock, the American asset manager, has expanded its presence in Africa by acquiring a stake in Kenya’s Lake Turkana wind farm through the Climate Finance Partnership (CFP).
- Following the sale of DCIF’s shares, the ownership of the Lake Turkana wind farm involves entities like Anergi Turkana Investments, Milele Energy, Sandpiper, and the Climate Finance Partnership.
- The wind farm, boasting 365 turbines supplied by Denmark’s Vestas, is Africa’s largest, generating 310.25MW of clean, efficient, low-cost energy with a remarkable 68% load capacity factor.
The Danish Climate Investment Fund (DCIF), the previous owner, announced this strategic move aligning with their wind project development strategy. The transaction, facilitated by a public-private financing vehicle involving global entities, includes the governments of France, Germany, Japan, and several US organizations. The moves serves to improve Kenya’s standing in terms of sustainability and green energy in the face of climate change and adverse environmental challenges.
Increase in clean energy investments
This acquisition by BlackRock’s climate fund, in collaboration with Vestas, contributes to the expansion of Africa’s largest wind farm. Vestas, eager to divest its stake since 2015, has now sold its entire 12.5% stake to the Climate Finance Partnership, managed by BlackRock, a financial giant with $9.1 trillion in assets under management. The Lake Turkana wind farm plays a crucial role in Kenya’s commitment to achieving 100% renewable generation, contributing 14% of the country’s electricity through the Kenya Power grid.
