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The US-based finance institution Overseas Private Investment Corporation (OPIC) has agreed to an investment warranty of US$253mn to support the construction of the Lake Turkana Wind Power project (LTWP)
Located in northern Kenya, LTWP is the largest wind power project in Africa, and this fund is, by far, the largest grant in favour of Kenya’s endeavour to generate clean energy.
OPIC is among several finance institutions that are providing funds for the Lake Turkana Wind Power project. The African Development Bank (AfDB) has already approved a loan of over US$170mn for the development of the project, stated reports.
Elizabeth Littlefield, president of OPIC, said, "The project is historic; it highlights the US government’s support for powering Africa and helping millions of people in Kenya to access cheap electricity for use in homes and industries.
OPIC is playing a key role in President Barack Obama’s Power Africa initiative and has committed to provide US$1.5bn to develop energy projects throughout sub-Saharan Africa over the next five years."
The 310MW project will boost the country's installed capacity by 20 per cent, and serve more than 2.5mn Kenyans. It is also projected to reduce Kenya’s annual expenditure of about US$177.4m on fuel imports.
The project covers 40,000 acres, and is expected to have 365 wind turbines, each with a capacity of 850 kW, the associated overhead electric grid collection system and a high voltage sub-station.