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Lake Turkana wind power project

Building on its commitment to unlock Africa’s abundant clean energy potential, Gemcorp Capital made a significant investment in the Lake Turkana Wind Power Project – the largest operational wind farm on the continent. This strategic collaboration aims to bolster Kenya’s grid with affordable, renewable energy and serves as a pivotal investment to Osprey’s pioneering role in the African clean energy sector.

This dynamic investment was publicly announced by President William Ruto of Kenya during the 2023 AmCham Business Summit in Nairobi with US Ambassador to Kenya, Meg Whitman, in attendance.

Powering Kenya's Future

Located 420 km from Kenya’s capital, the Lake Turkana Wind Power Project (LTWP) is the largest renewable wind power project in Africa with a total capacity of 310 MW, supplying 17% of Kenya’s installed capacity.

It consists of 365 wind turbines, each with a capacity of 850KW. As Africa’s largest wind power farm, LTWP taps a wind resource that ranks amongst the world’s top 0.1%, harnessing world-class onshore wind resources with a speed of 12-12.5m/s, setting it apart as one of the most productive wind farms globally.

Since its commissioning in 2019, LTWP has supplied approximately 20% of Kenya’s electricity, making it a strategically significant energy asset for the country. It employs over 320 personnel, with 85% from the local community and 99% from Kenya. Additionally, it funds extensive community development projects in Marsabit county.

Osprey Turkana Investment Limited

Osprey's investment has facilitated the acquisition of a significant stake in LTWP, securing exclusive rights to potentially double its size in response to Kenya's growing energy demand. This acquisition includes a 25.25% stake in LTWP and 100% of Expansion Rights, which will allow for a potential 400MW of additional capacity adjacent to the existing project.

Osprey Turkana Investment Limited

Osprey's investment has facilitated the acquisition of a significant stake in LTWP, securing exclusive rights to potentially double its size in response to Kenya's growing energy demand. This acquisition includes a 25.25% stake in LTWP and 100% of Expansion Rights, which will allow for a potential 400MW of additional capacity adjacent to the existing project.

Future Prospects

The project boasts a 25-year, sovereign-backed, Euro-denominated Power Purchase Agreement (PPA) with Kenya Power and Lighting Company (KPLC), promising a baseline and attractive Internal Rate of Return (IRR) to investors. Given Kenya's escalating energy needs, LTWP's abundant resources and strong operational track record provide further opportunities for expansion and increased return on investment.

Gemcorp Capital’s backing will also bolster Osprey's investment in other renewable energy opportunities, with an initial focus on Eastern Africa and growing over time to other regions in the continent.

Future Prospects

The project boasts a 25-year, sovereign-backed, Euro-denominated Power Purchase Agreement (PPA) with Kenya Power and Lighting Company (KPLC), promising a baseline and attractive Internal Rate of Return (IRR) to investors. Given Kenya's escalating energy needs, LTWP's abundant resources and strong operational track record provide further opportunities for expansion and increased return on investment.

Gemcorp Capital’s backing will also bolster Osprey's investment in other renewable energy opportunities, with an initial focus on Eastern Africa and growing over time to other regions in the continent.

Positive Impact and Sustainable Growth

The Lake Turkana Wind Power Project, means more than contributing to clean energy; it is a bold investment in the future of Kenya and Africa at large. This strategic initiative creates hundreds of direct jobs during the construction and operational phases, and it is anticipated to generate potentially thousands of indirect jobs. These employment opportunities, powered by low-cost, green electricity, are expected to underpin Kenya’s industrial growth.

Additionally, this investment demonstrates a significant commitment to local community development, through LTWP’s non-profit organisation, Winds of Change Foundation. The foundation supports local communities with investments in health, education, and access to water projects, benefiting thousands of individuals. This initiative reinforces Osprey’s mission to unlock the Africa of tomorrow with abundant clean energy in a low-cost, sustainable, and responsible way.

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Osprey Renewables Africa Limited
4th Floor, Mara 1 Block
Eldama Park, Eldama Ravine Rd
Westlands, Nairobi, Kenya.
info@ospreyafrica.com
About Us

We develop and invest in utility-scale renewable energy generation with an ambition to accelerate the emergence of Africa’s green industry.