BlackRock fund buying into 310-MW Kenyan wind farm

A climate-focused fund managed by BlackRock Alternatives is investing in the 310-MW Lake Turkana wind park in Kenya, the largest wind turbine complex in Africa.

The Climate Finance Partnership (CFP), a public-private partnership between BlackRock, the governments of France, Germany and Japan, as well as certain US impact organisations, is set to acquire the interest from the Finnish Fund for Industrial Cooperation (Finnfund), wind turbine maker Vestas Wind Systems and the Danish Investment Fund for Developing Countries.

The value of the transaction was not disclosed in a statement emailed by BlackRock. According to local media, the stake amounts to 31.25%.

The Lake Turkana wind farm in Marsabit county was connected to the Kenyan national grid in 2018. The 365-turbine complex is operating under a 20-year power purchase agreement (PPA) with power distribution company Kenya Power and Lighting Company Plc.

The LTWP consortium behind the project consists of Anergi Turkana Investments, KP&P Africa BV, Vestas Eastern Africa, Finnfund, the Investment Fund for Developing Countries and Sandpiper.

BlackRock’s investment is pending clearance from Kenya's Energy and Petroleum Regulatory Authority. The deal will mark the first private investment in Africa for BlackRock Alternatives.

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