Lake Turkana Wind Power is located in northern Kenya. The site was selected due to the strong predictable wind streams between Lake Turkana and the desert hinterland, which creates the optimal conditions for producing electricity by wind. When fully operational, the Lake Turkana Wind Power project will be the largest wind farm in Africa, with 365 wind turbines and a total capacity of 300 MW.

Financing the green transition
Financing the green transition will be one of the big global challenges in the coming decades. The Lake Tukana Project is an example of how Nordic financing has paved the way for ambitious energy project.

The Danish Climate Investment Fund has been instrumental in the deal and the fund has from the beginning worked on engaging the equity partners and securing the loan financing, in cooperation with the local developers. The Nordic Development Financing Institutions Norfund, Finnfund and the Danish Climate Investment Fund have provided a substantial part of the equity. Loan financing has been provided by a number of development and private banks.

- Read the White Paper: Financing the Green Transition

EKF Denmark’s Export Credit Agency also participated in the financing of the Lake Turkana project by providing a project financing guarantee of DKK 900 million (EUR 120 million) of the total project costs of DKK 4.5 billion (EUR 600 million). EKF’s guarantee relieves the funding providers of risk. EKF’s objective is to help Danish exporters by making it attractive for foreign buyers to place orders in Denmark. In this case the exporter was the Danish wind turbine manufacturer Vestas, who will supply the 365 wind turbines. The 365 turbines will produce around 15 per cent of Kenya’s current installed electricity generating capacity at a very cost efficient price and will replace fuel imports of approximately DKK 900 million (EUR 120 million) annually.

The Lake Tukana Project Video, produced by Jesper Heldgaard & Bo Illum Jørgensen