Business
Google To Invest In The Lake Turkana Wind Power
Lake Turkana Wind Power (LTWP) which is Kenya’s largest private sector project may get a new investor as American multinational technology company, Google has announced interests to buy into the project.
The 310 megawatt (MW) capacity wind farm was commissioned in July and has since attracted the attention of investors interested in green energy projects from all over the world.
Google’s interest in LTWP has been disclosed by Norwegian investment company Norfund which has a 6 pc stake in the power plant. “Now that the plant is operational, more international investors, including Google, are looking to invest,” Norfund’s annual report states.
Google had committed to invest in the farm in 2015 but then went silent. “Today, we’re committing to invest in the Lake Turkana Wind Power Project in Northern Kenya, our second clean energy investment in Africa. When complete, Lake Turkana will bring 310 megawatts of clean energy onto Kenya’s grid—enough to power more than two million households across the country.” Rick Needham, at that time Google’s energy and sustainability director, had said on its ‘Green Blog’
No financial value was put on the investment, but it was widely reported at around $40m. Google was expected to buy Denmark’s Vestas Wind Systems which is a 12.5% stake.
Google is one of the highest-profile corporate backers of wind and solar, most notably through power purchase agreements. The web giant claims it is the largest corporate purchaser of renewable energy globally.
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