The Competition Authority of Kenya has authorized a merger between Lake Turkana Wind Power (LTWP) and a UK firm, CPF UK Holdings Limited.
- The authority did not disclose the value of the deal but CPF UK Holdings Limited will acquire 31.25 per cent shares in the power producer company.
- In the first quarter of last year, LTWP announced that they will submit an application to the Energy and Petroleum Regulatory Authority (EPRA) seeking approval for the acquisition agreement.
- LTWP is owned by six shareholders: Anergi Turkana Investments Limited, KP&P Africa B.V, Danish Climate Investment Fund I K/S, Vestas Eastern Africa Limited, Finnfund – the Finnish Fund for Industrial Cooperation, and Sandpiper Ltd.
“It is notified for general information that we have authorized the implementation of the proposed merger as set out herein,” said Adano Roba CAK acting Director General.
LTWP comprises the biggest single investment in Kenya’s history, at approximately USD 680 million.
The project boasts 365 wind turbines that are situated between Lake Turkana (which has a relatively temperate climate) and higher desert lands (which have high daily temperature fluctuations); where the difference in local climates generates reliably strong wind streams, which are then funneled and thus accelerated between Mount Kulal and Mount Nyiro to the Lake Turkana Wind Power Project.
Each wind turbine has a capacity of 850kW, thereby totaling 310MW electricity generation capacity, or 15% of Kenya’s installed capacity at present.
UK Firm, CFP UK Holdings LTD, to Acquire 31.25% Stake in Lake Turkana Wind Power – Kenyan Wallstreet
