Climate Finance Partnership (CFP), a BlackRock Alternatives-managed fund, has acquired a 31.25 per cent stake in Lake Turkana Wind Power, a 310 MW wind project in Kenya. For an undisclosed sum, the stake was bought from Vestas, Finnfund, and the Investment Fund for Developing Countries. According to a regulatory filing published in Kenyan press, the Lake Turkana Wind Power project is located in Kenya’s far north region and is equipped with 365 wind turbines.
The regulatory filing described the stake as ‘controlling’, but BlackRock said this was as defined by Kenya’s energy law, rather than in the typical sense of a controlling or majority stake. Reportedly, the project was linked to the Kenyan national grid in 2018. The wind farm has a 20-year power purchase agreement (PPA) with Kenya Power and Lighting Company.
As per the company’s statement, the power plant will meet the energy needs of almost three million people. Lake Turkana Wind Power is said to be BlackRock Alternatives’ first private investment in any African country. Completion of the deal is subject to the receipt of regulatory approvals. CFP focuses on emerging market climate infrastructure and is comprised of BlackRock,the French, German and Japanese governments, as well as a few US organisations.