CPF Holding Limited, based in the UK, on Friday, June 23, was authorised to acquire a stake in the Lake Turkana Wind Power Limited, a project inaugurated by former President Uhuru Kenyatta in July 2019.
In a gazette notice, the Competition Authority Director General Adano Roba announced that the UK investor had acquired 31.25 per cent shares of one of Africa's leading green energy projects.
The UK investor expressed interest in buying shares in the project, which cost the country Ksh90 billion. The project was expected to increase Kenya's electricity capacity as the country seeks to achieve 100 per cent renewable energy by 2030
"It is notified for general information that in the exercise of the powers conferred upon the Competition Authority by section 46 (6) (a) (ii) of the Competition Act, the Competition Authority has authorized the proposed transaction as set out herein," the gazette notice read in part.
The UK investor will help the country get value from the project, which provides clean and affordable energy intending to reduce the overall energy cost incurred by consumers.
According to the UK government, CPF Holding Limited is located in Riverside, Dukinfield and specialises in financial and energy solutions.
The acquisition came a month after President William Ruto announced that a US company, Milele Energy, had acquired part of the Lake Turkana Wind Power Project.
Milele Energy expressed interest in expanding the project to increase the country's power connectivity.
“Kenya is a global leader in clean energy solutions. US companies are big investors in Kenya and East Africa’s off-grid sector, with over 40 per cent market share. These companies are providing millions of people access to the life-changing benefits of power.
“In the past year, these companies have provided more than 860,000 Kenyans access to off-grid connections and worked with industry leaders to raise more than Ksh16 billion (USD120 million) for the sector's development. US company d.light alone will support at least an additional 600,000 households to access clean energy solutions,” Ruto stated during delegates meeting at the American Chamber of Commerce Regional Business Summit in Nairobi.
On Tuesday, June 20, during the 25th Africa Energy Forum in Nairobi, Ruto invited investors to take advantage of countless opportunities in Kenya and partner with the government in rebooting the economy.
He organised free chopper rides for businessmen and women to tour the Ksh600 million geothermal power plant in Olkaria, and the Lake Turkana Wind Power
During its inception stage, the Lake Turkana Wind Power project was expected to comprise 365 wind turbines with a capacity of 850 Kilo Watts each.
The 428-km high-voltage power line from Marsabit to the Suswa substation in Narok was also expected to connect the Great Rift Valley to the rest of the country through the improved infrastructure linked to the wind farm, including a road, fibre-optic cable and electrification.
It is the largest wind farm in Africa, aligning with President Ruto's agenda of advocating for clean energy.
