GE Energy Financial Services to deliver a 100MW wind power project in Kenya
GE Renewable Energy will provide 60 of its highly efficient GE 1.7-103 turbines and a 17km (220KV) transmission line to carry the power to Isinya substation in Kajiado County, providing power to the equivalent of approximately 40,000 homes in the region. The 100MW Kipeto wind power project will provide clean energy to the national grid as a significant contribution to Kenya’s Vision 2030 and Big Four Agenda. The project is expected to reach commercial operation in 2020.
The Kipeto wind power project, which reached financial close yesterday, is funded by equity from Actis and a Kenyan company, Craftskills Wind Energy International, alongside senior debt from the Overseas Private Investment Corporation (OPIC), the United States government's development finance institution (DFI). GE EFS provided advisory support which facilitated OPIC’s financing and will help to enable Kipeto to begin construction of the second largest wind farm in Kenya with GE wind turbines.
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Peter Wells, GE’s Onshore Wind Regional Director for Europe and Sub-Saharan Africa, said: “GE is incredibly proud to be a part of this exciting endeavour. The Kipeto project is an important step forward in providing affordable, reliable clean energy to the region, and meeting Kenya’s renewable energy goals. We look forward to working with our partners on the journey for years to come.”
Subha Nagarajan, Managing Director, GE EFS’ Global Capital Advisory, said: “Kipeto represents our ability to identify and connect capital from leading government agencies to emerging markets, and enable construction of GE’s wind projects in new markets. The project lays foundation for cleaner and more reliable energy for the local communities in the future.”
GE Renewable Energy will also provide operations and maintenance services for the project. It is anticipated that more than 400 job opportunities will be created during the construction phase of the project and an additional 70 permanent jobs during the operational phase.