Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

US $870m Financing Agreements Get Signed as Biggest Clean Power Energy Project in Africa  Join our daily free Newsletter

MENAFN Press - 24/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) The Lake Turkana Wind Power Project (http://ltwp.co.ke) meant to add an existing 300MW of reliable, low cost wind energy to the national grid of Kenya reached a critical milestone following the signing of the financial agreements in Nairobi, Kenya.



Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/harith-1.pn



Photo: http://www.photos.apo-opa.com/index.php?level=picture&id=735 (Tshepo Mahloele, CEO of Harith General Partners



The signing of the over US 870m financing agreements represents a major breakthrough to actualizing the biggest clean power energy project in Africa, spanning years of negotiations and fundraising, says Tshepo Mahloele, CEO of Harith General Partners (http://www.harith.co.za).



The project will be financed with a mixture of equity, mezzanine debt and senior debt



The Lake Turkana Wind Power project is the first of its kind in East Africa and will be the largest wind project on the continent to date, says Mahloele. The Project will benefit Kenya, and specifically the Turkana area where unemployment is high, with jobs, economic development and, most importantly, electricity which is a vital element in any economy.



LTWP has signed a 20 year Power Purchase Agreement with the government of Kenya through its electricity entity, Kenya Power



The parties at the signing ceremony were represented by lead developer and independent power producer, Aldwych, which is majority owned by the Pan African Infrastructure Development Fund (PAIDF). LTWP is primarily responsible for the financing, construction and operation of the wind farm and comprise a grouping of investors and lenders with extensive financial and technical capabilities and experience on the African continent. They include FMO, Vestas, Finnfund, IFU and a strong local sponsor KP&P on the equity side. The syndicate of banks is led by the African Development Bank and comprises Standard Bank, Nedbank, EIB, DEG and Proparco.



The project will be located on one of the best sites for a wind farm in the world. Not only are the wind speeds exceptionally high but the wind is only from one direction, is not seasonal, and is low in turbulence. The project site is situated on the southeast border of Lake Turkana between two high ranging mountains in the Turkana Corridor where a low level jet stream originating in the Indian Ocean creates favourable wind conditions.



Mahloele says the LTWP will essentially assist diversify Kenya's energy mix and reduce the country's reliance on power production from oil and diesel power generators. The Kenya government will save millions per year on importing fuel. The LTWP tax contribution to Kenya alone will be approximately 27m annually and 548m over the life of the investment.



Mahloele says the combination of international financial and technical expertise has ensured that the project is structured in a bankable and sustainable form in accordance with international standards



This project also forms part of Harith's commitment to the United States backed Power Plan announced last year by the US President Barack Obama to bring more than 10 000 MW of electricity to sub Saharan Africa. Through Power Africa, Harith has committed 70m for wind energy in Kenya and 500m across the African power sector through a new fund



Mahloele says the investment is the result of the forward thinking and planning on the part of the Kenyan leadership who had undertaken comprehensive power sector reforms over the past decade

In Kenya, electricity is mainly generated from hydro, thermal and geothermal sources. Wind generation accounts for less than six megawatts of the installed capacity. Currently, hydro power comprises over 52 percent of the installed capacity in Kenya and is sourced from various stations managed by the Kenya Electricity Generating Company (KenGen).



It is our assertion that the Lake Turkana Wind Project will greatly reduce Kenya's over reliance on hydropower which is playing a critical role in ensuring security of electricity supply but is however vulnerable to periodic draught seasons, says Mahloele



Distributed by APO (African Press Organization) on behalf of Harith General Partners (Pty) Ltd





For more information contact: Pule Molebeledi Investor Relations and Communications Executive, Harith General Partners 27 11 384 4002 or Pule.Molebeledi@harith.co.za


About Harith General Partners
Harith General Partners (http://www.harith.co.za) is the leading Pan-African fund manager for infrastructure development across the continent. Based in South Africa, Harith manages Africa's first and only 15-year infrastructure fund, the Pan African Infrastructure Development Fund (PAIDF) and also owns London based asset manager Frontier Markets Fund Manager Limited (FMFML). FMFML has USD1.1bn asset under management and manages two funds: The Emerging Africa Infrastructure Fund (EAIF); and GuarantCo. The PAIDF US 630m fund is invested in a number of major projects in diversified sectors such as energy, transport and information, communication and telecommunications. http://www.harith.co.za

 


MENAFN Press




  MENA News Headlines
 Oct 26 2014 - Qatari Nakilat net profit hits USD190.21m in 9MMENAFN
(MENAFN) Qatar Gas Transport Company Limited (Nakilat) announced posting a net profit of USD190.21 million during the January-September period, increasing 25 percent when compared to USD151.78 ...

 Oct 26 2014 - GCC to face budget troubles on declining oil pricesMENAFN
(MENAFN) International Monetary Fund warned the oil-dependent Gulf States by saying that they might face budget shortfalls if the recent decline in oil prices continues, Arab News reported.The ...

 Oct 26 2014 - Qatar's real estate transaction value hits USD10.21b in 9MMENAFN
(MENAFN) The value of Qatar's real estate transaction increased by 15.2 percent to reach USD10.21 billion during the January-September period of this year, compared to USD8.86 billion recorded during ...

 Oct 26 2014 - Mobily Ventures to invest in hellofoodMENAFN
(MENAFN) Mobily Ventures plans to invest in hellofood Middle East, a major food ordering marketplace in the region, Arab News reported.The investment from the Riyadh-based telecom operator Mobily, ...

 Oct 26 2014 - Qatari GWC net profit up 36.8 percent in Q3MENAFN
(MENAFN) Gulf Warehousing Company (GWC) announced that it registered an increase in its net profit, reaching USD28.1 million during the July-September period, which accounts for a 36.8 percent ...

 Oct 26 2014 - Egypt's Tourism expected to recover by April 2015MENAFN
(MENAFN) Egypt's Ministry of Tourism said it is hoping that the country's tourism sector will revive by next April and resume its position as one of the country's most vital industries, Arab News ...

 Oct 26 2014 - Afghan president visits Saudi ArabiaArab News
(MENAFN - Arab News) KABUL: Afghanistan's President Ashraf Ghani Ahmadzai on Saturday made his first overseas trip since taking office fulfilling an election promise to undertake a religious ...

 Oct 26 2014 - Tens of thousands protest Renzi's job measures in RomeArab News
(MENAFN - Arab News) ROME: Tens of thousands of Italians took to the streets of Rome Saturday for a demo organized by Italy's largest trade union to protest Prime Minister Matteo Renzi's plans to ...

 Oct 26 2014 - France announces big coalition air raid against IS in IraqArab News
(MENAFN - Arab News) PARIS: The international coalition currently battling the IS group in Iraq dropped around 70 bombs on an arsenal and militant training center in a large-scale overnight raid the ...

 Oct 26 2014 - UN climate chief hails EU dealArab News
(MENAFN - Arab News) BONN: The UN's climate chief hailed a European agreement on greenhouse gases Friday as providing 'valuable momentum' for a world pact to be inked in Paris next year.The goals set ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help