Kinangop wind park project, Kenya
Name and Location
Kinangop wind park project, Kenya.
Client
Aeolus Kenya (AKL).
Project Description
Kinangop wind park project is the first in a series of projects under US President Barack Obama’s Power Africa initiative.
The project involves the construction of a 60 MW wind farm, which will provide electricity for 150 000 households, in the Kinangop plateau, in central Kenya.
The hubs for each of the thirty-eight 1.6 MW wind turbines will stand almost 80 m and have a rotor diameter spanning 82.5 m.
The Kenya government will be the main buyer of the power.
Aeolus Kenya has already signed a power purchase agreement with State-owned utility Kenya Power.
Value
KSh12.9-billion ($150-million).
Duration
Kinangop is expected to start supplying electricity to the grid in the first quarter of 2015, while full commercial operation is expected to start in July 2015.
Latest Developments
The African Infrastructure Investment Fund 2 (AIIF2) and the Norwegian investment fund for developing countries Norfund have achieved financial close on the Kinangop wind project.
AIIF2, which became involved in the project in 2012 to assist the developer Aeolus Kenya in concluding all material contracts and in delivering a bankable project, is the majority owner of the project company Kinangop Wind Park (KWP), while Norfund holds the remaining interest.
The mandated lead arranger for the project debt is CFC Stanbic, the Kenyan presence of Standard Bank South Africa, which has also underwritten the full debt requirements of the project.
The project, to be built by Spanish construction company Iberdrola Ingenieria y Construccion, will entail the installation of 38 General Electric 1.6 MW wind turbines.
Key Contracts and Suppliers
Standard Bank Group (lead arranger), Norfund (equity) and Iberdrola Ingenieria y Construccion.
On Budget and on Time?
Not stated.
Contact Details for Project Information
AKL, tel +254 733 631653.
Standard Bank Group, tel +27 11 299 4701 or email information@standardbank.co.za.
Iberdrola Ingenieria y Construccion, tel +34 944 151 411 or fax +34 944 663 194.
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