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Danish Climate Investment Fund sells shares after contributing to green energy and jobs in Kenya

The Danish Climate Investment Fund, managed by IFU, has sold its shares in Lake Turkana Wind Power, the largest wind farm in Africa. The wind farm accounts for around 14 per cent of Kenya’s current electricity demand, and the investment has provided a positive impact on the local community.
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21 February 2024

Providing green, reliable, economical energy to Kenya

Lake Turkana Wind Power is Africa’s largest wind farm to date, and it is also the largest private investment ever in Kenya.

The Danish Climate Investment Fund (DCIF), managed by IFU, has been a co-owner of Lake Turkana Wind Power since construction began in 2014, together with several Danish solution providers such as Vestas.

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Photo: Investment Fund for Developing Countries

Located in the windy region of the Loiyangalani District of Marsabit County, Kenya, Lake Turkana Wind Power is situated in a perfect location with an annual average capacity factor of around 60 per cent. And with its 310 MW capacity, provided through 365 Vestas wind turbines, the wind farm is the largest in Africa to date.

The Danish Climate Investment Fund (DCIF), managed by IFU, has been a co-owner, together with Vestas, of Lake Turkana Wind Power since construction began in 2014. The investment has been instrumental in securing the financing, construction and operation of the largest wind farm in Africa.

“Lake Turkana Wind Power is a flagship project, and we are proud to have played an active role in bringing this pioneering project through construction and into operations, providing affordable and reliable green energy in Kenya.” Reik Haahr Müller, Senior Vice President, Head of Green Energy & Infrastructure in IFU.

Now, following a strategy of developing wind farms without being a long-term owner, IFU and Vestas have divested their shares in the wind park in Kenya.

“Our role is to initiate things and withdraw when projects are running, and private investors are ready to buy the shares on market terms, with the goal of doing so within a ten-year horizon.”

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Serving green power and improving local livelihood

The construction of Lake Turkana Wind Power began back in 2014 and was connected to the national grid of Kenya in 2018.

Over the years, the project has improved access to the Lake Turkana area by establishing more than 200 km of roads which has had a significant offset on the area’s infrastructure. The wind farm has the capacity to serve around 1.2 million homes with green power, and the number of power cuts in Kenya has been reduced considerably since the turbines started to run at full speed, and fossil-based energy production has more than halved in a year. Consequently, the CO2 emissions have been considerably reduced. It has also been an excellent project for the local labour market, with around 2.500 people being employed during the construction. Currently, the company employs close to 330 people, of whom around 85 per cent come from Marsabit County.

“Lake Turkana Wind Power has supported numerous local community development projects within education, health and access to water, among other things. Through the Winds of Change programme, which was set up by Lake Turkana Wind Power, we have ensured that the communities will continue to benefit from the project.” Reik Haahr Müller, Senior Vice President, Head of Green Energy & Infrastructure in IFU

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