SOURCE: African Business Review

African Business Review

June 23, 2011 15:07 ET

Chairman Carlo van Wageningen Discusses How Lake Turkana Wind Power Is On-Track With Its Plans to Revolutionise Kenya's Electricity Supply With African Business Review

SAN DIEGO, CA--(Marketwire - Jun 23, 2011) - African Business Review spoke to the founding fathers of the project to discover how they were planning to generate up to 30 percent of Kenya's electricity supply. A year later, we revisit the project to see how far it's progressed, what the current situation is, and find out how long before LTWP is fully operational.

"We have firmed up the full equity for the project. We have successfully finalised the equity participation in the project and the joint development agreement," says Chairman Carlo van Wageningen. "We now have commitments for entry into the project by new partners and this will happen at financial close."

Although government support has been fantastic throughout, providing a guarantee for a private undertaking has proved troublesome due to Kenyan law. After working closely with the Minister of Finance, LTWP were able to secure an Escrow account between the government and the Kenya Power and Lighting Company.

"The government was able to provide a letter of support, which isn't a guarantee, but supports the project confirming to the lenders that they want to share the responsibilities and it won't affect the country's budget," reveals van Wageningen.

Read the full report here.

About Lake Turkana Wind Power

Lake Turkana Wind Power (LTWP) is a renewable energy project which aims to provide clean energy to Kenya's national electricity grid. The venture aims to construct 365 wind turbines each with a capacity of 850KW and once completed, it will become the largest wind power project in Africa.

About African Business Review

African Business Review is a leading digital media source of news and content for C-level executives focused on business and industry-specific news throughout Africa. African Business Review is the territory-dedicated arm of the White Digital Media Group. Founded in 2007 by entrepreneur Glen White, White Digital Media retains a diversified portfolio of websites, magazines, daily news feeds and weekly e-newsletters that leverage technology to innovatively deliver high-quality content, analytical data, and industry news. For more information, contact 1-760-827-7800 or visit http://www.africanbusinessreview.co.za/.

Contact Information