Kenya's 300-MW Turkana wind farm seen to close financing in Mar, Apr 2012 - report

Dec 12, 2011 - A financing deal for the 300-MW Turkana wind farm in Kenya is expected to be closed in March or April 2012, with the project seen to become fully operational a year later, Business Daily Africa (BDAfrica) reported on Sunday citing Lake Turkana Wind Power's chairman.

Carlo Van Wageningen said at a presentation of the project at the climate change negotiations in Durban, South Africa, that closing the financing would allow the project to produce an initial 50 MW of power in the third quarter of 2012.

The EUR-600-million (USD 800m) wind farm is to be financed via a 30% syndicated loan put together by the African Development Bank (AfDB). A year ago the financiers were offered by the Treasury the sought guarantees against political and other risks, the report said.

UK-registered Aldywich International holds 51% in the project, South Africa's IDB owns 25%, Pan Africa Investment Development Fund and Danish Vestas Wind Systems A/S (CPH:VWS) hold 12.5% and the six co-founders have 6.5%.

When completed, the wind farm is expected to covert 22% of Kenya's power needs, BDAfrica said.

(EUR 1.0 = USD 1.334)

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