Vestas divests its shares in Lake Turkana Wind Power Limited

Vestas has completed the sale of its 12.5 percent stake in Lake Turkana Wind Power Limited (LTWP) in Kenya. The shares have been acquired by the Climate Finance Partnership (CFP), managed by BlackRock, after CFP announced in March 2023 its intention to acquire the shares of Vestas Eastern Africa Ltd. The purchase price remains undisclosed.

At 310 MW, the LTWP wind farm remains the largest in Africa to date. Vestas has been a shareholder of LTWP since 2014 from development and construction to power generation. The project was connected to Kenya’s national grid in 2018. Today, 365 Vestas wind turbines generate electricity for approximately 1.2 million Kenyan households. 14 percent of total electricity demand in Kenya. Vestas will continue to service the wind turbines, each with a capacity of 850 kilowatts.

In addition to generating wind energy, the LTWP project has ensured that local communities benefit from the project, including in terms of stronger road infrastructure and job creation.

The divestment follows Vestas’ strategy of developing wind farms without long-term ownership. The sale is the result of a sale process carried out by Vestas in cooperation with the Finnish Fund for Industrial Cooperation Ltd. (Finnfund) and the Danish Investment Fund for Developing Countries (IFU), which also sold their respective shares in LTWP to CFP.

The transaction will have a negligible impact on Vestas’ earnings or prospects.