Vestas, a prominent player in wind energy solutions, has finalized the sale of its 12.5% stake in the Lake Turkana Wind Power (LTWP) project in Kenya.
The shares have been acquired by the Climate Finance Partnership (CFP), managed by BlackRock, after CFP expressed interest in purchasing Vestas Eastern Africa Ltd.'s shares in March 2023.
While the financial terms of the transaction remain undisclosed, LTWP retains its status as the largest wind farm in Africa. Vestas has been involved in LTWP since 2014, contributing to various phases of its development, including construction and power generation. The wind farm successfully began supplying electricity to the Kenyan national grid in 2018.
This divestment reflects Vestas' strategic approach of developing wind farms without maintaining long-term ownership. The sale was facilitated through collaboration between Vestas, the Finnish Fund for Industrial Cooperation (Finnfund), and the Danish Investment Fund for Developing Countries (IFU), all of whom have also sold their respective shares in LTWP to CFP.
Vestas assures stakeholders that the transaction will have minimal impact on its financial performance or future prospects.
