CORRECTION: GE Connects Financing and Turbine Technology to its Flagship Onshore Wind Project in Sub-Sahara Africa
GE Energy Financial Services (GE EFS) and Renewable Energy partner to deliver 100MW wind power project in Kenya
Kipeto will produce enough electricity to power the equivalent of 40,000 homes
GE’s flagship onshore wind project in Sub-Sahara Africa— 60 1.7-103 units; GE EFS (www.GEEnergyFinancialServices.com) and Renewable Energy partner to deliver 100MW wind power project in Kenya; Kipeto will produce enough electricity to power the equivalent of 40,000 homes
GE Renewable Energy (www.GE.com/RenewableEnergy) and GE Energy Financial Services (“GE EFS”) have partnered to provide technology and advisory support for its flagship onshore wind project in Sub-Sahara Africa. Kipeto Energy Plc’s (“Kipeto”) 100-megawatt (MW) wind power project is located south of Nairobi, in Kajiado, Kenya.
GE Renewable Energy will provide 60 of its highly efficient GE 1.7-103 turbines to the Kipeto project, providing power to the equivalent of approximately 40,000 homes in the region. The 100MW Kipeto wind power project will provide clean energy to the national grid as a significant contribution to Kenya’s Vision 2030 and Big Four Agenda. The project is expected to reach commercial operation in 2020.
Peter Wells, GE’s Onshore Wind Regional Director for Europe and Sub-Saharan Africa, said: “GE is incredibly proud to be a part of this exciting endeavor. The Kipeto project is an important step forward in providing affordable, reliable clean energy to the region, and meeting Kenya’s renewable energy goals. We look forward to working with our partners on the journey for years to come.”
The Kipeto wind power project, which reached financial close yesterday, is funded by equity from Actis and a Kenyan company, Craftskills Wind Energy International, alongside senior debt from the Overseas Private Investment Corporation (OPIC), the United States government's development finance institution (DFI).
Subha Nagarajan, Managing Director, GE EFS’ Global Capital Advisory, said: “Kipeto represents our ability to identify and connect capital from leading government agencies to emerging markets, and enable construction of GE’s wind projects in new markets. The project lays foundation for cleaner and more reliable energy for the local communities in the future.”
GE Renewable Energy will also provide operations and maintenance services for the wind turbines. The Kipeto project was originally conceived by Craftskills Wind Energy International, with support from GE. AIIM and IFC InfraVentures co-developed the project with Craftskills from 2014 until early 2018, executing a 20-year Power Purchase Agreement (PPA) with Kenya Power and Lighting in 2016.
Distributed by APO Group on behalf of GE.
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Notes to Editors:
About GE Renewable Energy
GE Renewable Energy (www.GE.com/RenewableEnergy) is a $10 billion business with an innovative spirit and entrepreneurial mindset, bringing together one of the broadest energy products and digital services portfolios in the renewable energy industry. Combining onshore and offshore wind, blades, hydro and innovative technologies such as hybrid systems and concentrated solar power, GE Renewable Energy has installed more than 400+ gigawatts capacity globally to make the world work better and cleaner. With more than 22,000 employees present in more than 80 countries, GE Renewable Energy is working on new ways to power the world’s biggest economies and most remote communities. Follow us at www.GE.com/RenewableEnergy or on twitter @GErenewables
About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services (www.GEEnergyFinancialServices.com) is a global energy investor with 35+ years managing assets through multiple energy cycles. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in and provide capital solutions for long-lived and capital-intensive projects and companies that help meet the world’s energy needs. It is headquartered in Connecticut with regional hubs in London, Houston, Washington D.C., Hong Kong and Nairobi. For more information, visit www.GEEnergyFinancialServices.com and follow us on Twitter @GEEnergyFinServ.