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IFU Exits Lake Turkana Wind Power to BlackRock

Anna Lyudvig
Feb. 19, 2024, 5:11 p.m.
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The Danish Climate Investment Fund (DCIF), managed by IFU, has sold its 6.25% stake in Lake Turkana Wind Power, the largest wind farm in Africa, to the Climate Finance Partnership, a public-private finance vehicle managed by BlackRock.

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The Danish Climate Investment Fund (DCIF), managed by IFU, has sold its 6.25% stake in Lake Turkana Wind Power, the largest wind farm in Africa, to the Climate Finance Partnership, a public-private finance vehicle managed by BlackRock.

DCIF has been a co-owner of Lake Turkana Wind Power since construction began in 2014. 

The investment has been instrumental in securing the financing, construction and operation of the largest wind farm in Africa.

“Lake Turkana Wind Power is a flagship project, and we are proud to have played an active role in bringing this pioneering project through construction and into operations, providing affordable and reliable green energy in Kenya,” said Reik Haahr Müller, Senior Vice President, Head of Green Energy & Infrastructure in IFU.

Lake Turkana Wind Power is located in the Loiyangalani District of Marsabit County and was connected to the national grid in 2018. Today, Lake Turkana Wind Power meets around 14% of Kenya’s current electricity demand, and the wind farm has had a positive impact on the local community.

The electricity generated has improved the reliability of Kenya’s power supply, reduced the country’s reliance on fuel import and avoided millions of tons of CO2 emissions.

The electricity is produced by 365 wind turbines (310 MW) from Vestas, and the establishment of the wind farm included the construction of 200 km of road and a 400 km transmission line connecting the wind farm with the national grid.

Lake Turkana Wind Power has been dedicated to improving local livelihood. Indirectly, the construction of the 200 km road has had a positive impact on the local infrastructure and reduced travel time as well as cost of transportation.

“Lake Turkana Wind Power has supported numerous local community development projects within education, health and access to water, among other things. Through the Winds of Change programme, which was set up by Lake Turkana Wind Power, we have ensured that the communities will continue to benefit from the project,” said Haahr Müller.

Lake Turkana Wind Power has also had a positive impact on local employment. 

During construction around 2,500 people were employed, and currently the company employs close to 330 people, of whom around 85% come from Marsabit County.
The Danish Climate Investment Fund is a public-private investment fund, managed by IFU. 

The fund was set up in 2014 in cooperation with large Danish pension funds and private investors, who were among the first to engage in direct private sector investments supporting the green transition in developing countries. 

The investors include PKA, PensionDanmark, PBU, Aage V. Jensens Fonde and Dansk Vækstkapital.

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