Kenya’s Lake Turkana Wind Project Delayed Again by Lending Talks
17 October 2012
Bloomberg Business Week - Kenya’s Lake Turkana Wind Power Ltd. said financing talks will again delay the start of construction of a 611 million-euro ($795 million) wind farm, billed as sub- Saharan Africa’s largest.
The groundbreaking for the project, which will add 300 megawatts or about a fifth of Kenya’s present generating capacity to the national grid, will take “maybe another three or four months,” Chairman Carlo van Wageningen told reporters today in Nairobi. It had been scheduled for April, he said.
“We are now waiting for the financial close that we are negotiating with our lenders,” he said. The African Development Bank, the lead lender, and co-arrangers Standard Bank Group Ltd. (SBK) and NedBank Group Ltd. (NED), are in talks with the European Investment Bank and the development banks of France, Germany and the Netherlands, he said.