Vestas divests its shares in Lake Turkana Wind Power Limited
News release from Vestas Wind Systems A/S
Aarhus, 19 February 2024
Vestas has completed the sale of its 12,5 percent shares in Lake Turkana Wind Power Limited (LTWP) in Kenya. The shares have been acquired by the Climate Finance Partnership (CFP), which is managed by BlackRock, after CFP in March 2023 announced its intention to acquire the shares held by Vestas Eastern Africa Ltd. The purchase price remains undisclosed.
With its 310 MW, the LTWP wind farm remains the largest in Africa to date. Vestas has been a shareholder in LTWP since 2014 from development and construction until power generation. The project was connected to the national Kenyan grid in 2018. Today, 365 Vestas turbines create electricity for 1,2 million Kenyan homes which counts for app. 14 percent of the overall electricity demand in Kenya. Vestas will continue to service the turbines, each with a capacity of 850 kilowatts.
In addition to generating power, the LTWP project has ensured that local communities benefit from the project, including in terms of stronger road infrastructure and job creation.
The divestment follows Vestas strategy of developing wind farms without being a long term owner. The sale is the result of a sales process run by Vestas in cooperation with Finnish Fund for Industrial Cooperation Ltd. (Finnfund) and the Danish Investment Fund for Developing Countries (IFU), who have also sold their respective shares in LTWP to CFP.
The transaction will have negligible impact on Vestas earnings or outlook.
For further information, please contact:
Claes Lautrup Cunliffe, Public Relations Lead, Vestas.
+45 50509491
caecn@vestas.com
About Vestas
Vestas is the energy industry’s global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 177 GW of wind turbines in 89 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 152 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 30,000 employees are bringing the world sustainable energy solutions to power a bright future.