While speaking at the conference, the European Investment Bank (EIB) Vice-President responsible for climate action, Jonathan Taylor, declared that the Lake Turkana wind power project can expect to receive more capital investment.
The Standard Media reported that the European Union has cited the project as a global example of a good investment in sustainable energy.
The 310MW wind power project, located in Kenya, East Africa, is said to be the largest wind farm on the continent.
Last month, the wind project developers declared having installed 155 of 365 turbines in the past six months.
Sustainable energy generation
Taylor said: “Transformational projects such as the Noor solar power plant at Ouarzazate [Morocco] and Lake Turkana wind farm in northern Kenya demonstrate how private investment across Africa can be unlocked to strengthen sustainable energy generation.”
It is reported that the Vice-President announced that the bank has already given Sh23 billion ($226 million) to support the project, and pledged additional financial support from the European Union, through the EU-Africa Infrastructure Trust Fund and a broad range of international investors.
According to media, Taylor also noted that as the largest single wind farm in sub-Saharan Africa, the project is expected to generate around 20% of Kenya’s power, providing reliable, low cost wind power to the country’s national grid.
“Availability of affordable energy is essential for Africa and electricity from the Lake Turkana Wind Power project will support economic growth across Kenya by helping to ensure power supply during periods of peak demand,” he said.
Lake Turkana Wind Power project
On completion, the project will comprise 365 wind turbines, each with a capacity of 850kW, the associated overhead electric grid collection system and a high voltage substation that will be connected to the national grid.
The power produced will be bought at a fixed price of Sh8.6 ($0.084)/kWh by Kenya Power over a 20-year period in accordance with the power purchase agreement (PPA).