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The Nairobian

German bank invests in Turkana wind project

News

By Correspondent | Jul 03, 2015

Germany has agreed to give a Sh2.2 billion (euros 20m) loan to help build the Lake Turkana Wind Power project. For its development and construction, Germany's development Bank (DEG) is providing the operating company, SPV Lake Turkana Wind Power Ltd. (LTWP), with the mezzanine loan.

Further lenders are the African Development Bank, the European Investment Bank, the European development finance institutions Proparco (France) and FMO (Netherlands) and other African development finance institutions and commercial banks, including the Standard Bank of South Africa Ltd.

The ground-breaking ceremony took place yesterday. On the occasion of the launch, Head of

German Cooperation Lars Wilke said: "The contribution to the Wind Park in Turkana through DEG is an excellent example of our Kenyan-German co-operation to boost renewable energy in Kenya. Germany will provide more than €100 million in the coming years to support geothermal, solar and wind energy."