Overseas Private investment Corporation (OPIC), a U.S- based finance institution, signed an investment warranty of US$253 million for the construction of Lake Turkana Wind Power Project (LTWP) in North Kenya, reported African Review.
LTWP will be country’s largest wind power project and the sum so far will be the largest allocated for Africa’s any clean energy power development program.
The African Development Bank (AfDB) has sanctioned a loan amount of US$170mn for the same project, stated reports.
OPIC is committed to provide US $177.4bn for endorsing energy projects throughout sub-Saharan Africa in next five years as per Power Africa initiative program introduced by US president. The importance of this project is financial support provided by the U.S. government, added the news agency quoting OPIC officials.
The 310 MW project will increase the installed capacity of wind plant by 20 percent serving more than 2.5 million people. This will also reduce annual expenditure on fuel import of Kenya by US $177.4mn.
The project will have 365 turbines of 850 KW each, spread in 40,000 acres in addition to a sub-station and overhead electric grid collection unit, concluded the news agency.
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