UK private equity fund Actis has acquired Kipeto Energy, the company that is planning to build a wind farm in Kajiado County.
Actis acquired 88 per cent of the firm, enabling Kipeto to reach financial close for the 100-megawatt project.
This followed the acquisition by Actis of the respective equity interests of IFC, a member of the World Bank Group, and African Infrastructure Investment Managers, a member of Old Mutual Alternative Investments.
Other players in the project will be Kenyan company Craftskills Wind Energy International (with a 12 per cent stake).
The project also has a senior debt from the Overseas Private Investment Corporation (OPIC), the US Government’s development finance institution.
“Once operational, Kipeto... as the country’s second largest wind farm will supply 100MW of clean energy to the national grid,” said Kipeto in a statement yesterday.
The wind project was originally conceived by Craftskills Wind Energy International, with support from General Electric (GE).
The project is expected to reach commercial operation in 2020.