UK investor buys 31.25 percent stake in Kenya’s Africa-leading 90b power project
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UK investor buys 31.25 percent stake in Lake Turkana Wind Power in Kenya, Africa's leading green energy project
UK investor buys 31.25 percent stake in Lake Turkana Wind Power in Kenya, Africa’s leading green energy project.
On Friday, June 23, the UK-based CPF Holding Limited received approval to buy a part in the Lake Turkana Wind Power Limited, which former President Uhuru Kenyatta launched in July 2019.
Adano Roba, director general of the Competition Authority, said in a published notice that the UK investor had purchased 31.25% of one of Africa’s largest green energy projects.
The project, which cost Kenya Ksh90 billion, attracted interest from a UK investor who expressed interest in purchasing shares. Kenya’s electrical capacity was anticipated to grow as a result of the project as the nation strives to attain 100% renewable energy by 2030.
“It is notified for general information that in the exercise of the powers conferred upon the Competition Authority by section 46 (6) (a) (ii) of the Competition Act, the Competition Authority has authorized the proposed transaction as set out herein,” the gazette notice read in part.
The UK investor will help the country get value from the project, which provides clean and affordable energy intending to reduce the overall energy cost incurred by consumers.
According to the UK government, CPF Holding Limited is located in Riverside, Dukinfield, and specializes in financial and energy solutions.
The acquisition came a month after President William Ruto announced that a US company, Milele Energy, had acquired part of the Lake Turkana Wind Power Project.
Milele Energy expressed interest in expanding the project to increase the country’s power connectivity.
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“Kenya is a global leader in clean energy solutions. US companies are big investors in Kenya and East Africa’s off-grid sector, with over 40 percent market share. These companies are providing millions of people access to the life-changing benefits of power.
“In the past year, these companies have provided more than 860,000 Kenyans access to off-grid connections and worked with industry leaders to raise more than Ksh16 billion (USD120 million) for the sector’s development. US company d.light alone will support at least an additional 600,000 households to access clean energy solutions,” Ruto stated during delegates meeting at the American Chamber of Commerce Regional Business Summit in Nairobi.
On Tuesday, June 20, during the 25th Africa Energy Forum in Nairobi, Ruto invited investors to take advantage of countless opportunities in Kenya and partner with the government in rebooting the economy.
During its inception stage, the Lake Turkana Wind Power project was expected to comprise 365 wind turbines with a capacity of 850 Kilo Watts each.
The 428-km high-voltage power line from Marsabit to the Suswa substation in Narok was also expected to connect the Great Rift Valley to the rest of the country through the improved infrastructure linked to the wind farm, including a road, fiber-optic cable and electrification.
The Lake Turkana project is the largest wind farm in Africa.
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