Vestas Wind Systems A/S announced on Monday, February 20, that it had sold 12.5 per cent of its shares in the Lake Turkana Wind Power (LTWP) project to the Climate Finance Partnership (CFP), managed by the US-based BlackRock Inc.
According to the Denmark-based company, the sale was informed by its new strategy to develop wind projects without remaining the long-term owner.
Vestas will, however, continue to service the turbines each with a capacity of 850 kilowatts.
The company which is among the world's largest wind turbines maker, bought shares from the project in 2009 in a partnership with LTWP to meet Kenya's energy demand.
In June 2023, the US-run fund announced it had acquired a 31.25 per cent stake in LTWP. The multi-billion deal was set to improve the project's operations.
"CFP intends to partner with existing shareholders of the company to ensure the success of the 310MW wind-powered electricity generation plant," read part of a statement from LTWP in March last year.
The Competitions Authority of Kenya approved the transaction after the company made applications to the Energy and Petroleum Regulatory Authority (EPRA).
This is the latest development in the ownership of the power plant. President William Ruto disclosed in March last year that Milele Energy, a Kenyan-based US company, had acquired shares in the project.
Ruto explained that this move was part of a trend where global and innovative companies are establishing footholds in Kenya to explore the country's green energy sector.
"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," the Head of State remarked.
This project is anticipated to bolster Kenya's electricity capacity as the nation gravitates towards the utilization of renewable energy in line with Vision 2030.
Founded by Carlo Van Wageningen and five others, the Lake Turkana Wind Project was launched by former President Uhuru Kenyatta in 2019.
At the time of its launch, its valuation stood at a minimum of Ksh70 billion.
