JARAA'IDJARAA'ID
Notification Show More
Latest News
Auto industry recovery has favoured investors and bosses over workers
Business
Roger Federer reflects on ‘perfect’ farewell at Laver Cup but says he misses ‘everything about the game’
Sports
Fox News viewers love Trump. Newsmax viewers idolize him.
United States
Taiwan golf ball factory fire kills at least six
Asia
Battle of the Kurz movies: is Austria’s ex-chancellor plotting a comeback?
Business
Aa
  • Home
  • Local News
  • Africa
  • United States
  • Europe
  • Asia
  • Sports
  • Videos
  • Live Score
  • More
    • Business
    • Market Data
      • Stocks
      • Commodities
      • Cryptocurrency
      • Forex
    • Weather
Reading: BlackRock-managed fund buys stake in Kenyan wind farm
Share
Aa
JARAA'IDJARAA'ID
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Business
  • Sports
  • Videos
Search
  • Home
  • Local News
  • Videos
  • World
    • Africa
    • United States
    • Europe
    • Asia
  • Market Data
    • Stocks
    • Commodities
    • Cryptocurrency
    • Forex
  • More
    • Sports
    • Business
    • Weather
    • Live Score
Have an existing account? Sign In
Follow US
JARAA'ID > Africa > BlackRock-managed fund buys stake in Kenyan wind farm
Africa

BlackRock-managed fund buys stake in Kenyan wind farm

News Room
Last updated: 2023/03/14 at 10:13 PM
News Room Published March 14, 2023
Share
SHARE

NAIROBI, March 14 (Reuters) – Climate Finance Partnership, a fund managed by BlackRock Alternatives, is buying nearly a third of the shares in Kenyan wind farm Lake Turkana, it said on Tuesday.

Climate-focused funds are increasingly training their sights on Africa, which offers growing demand for clean energy and other climate infrastructure.

The continent is also suffering from the ravages of climate change-driven events like drought. Kenya and neighbours Ethiopia and Somalia are going through the worst drought in decades, which has caused starvation among millions.

BlackRock said the fund will acquire the stake in Lake Turkana Wind Power in Kenya’s far north from Finnish development financier Finnfund, Danish wind turbines maker Vestas (VWS.CO), and the Investment Fund for Developing Countries, a Danish development financier.

A regulatory filing published in the Kenyan press on Tuesday said the stake amounts to 31.25% of the shares of LTWP, a 365-wind turbine facility with a 310 megawatt capacity.

The regulatory notice defined the stake as “controlling”, but BlackRock later said that was within the meaning of Kenya’s energy law, not in the conventional sense of a controlling or majority stake. It did not disclose the value of the deal.

“The LTWP project provides reliable, low-cost energy to Kenya’s national grid via a 20-year power purchase agreement with Kenya Power,” BlackRock said, referring to the East African nation’s power distribution company.

LTWP provides just over a tenth of Kenya’s power generation, offering electricity to more than 3 million people, BlackRock said.

The deal, which requires regulatory approval, represents a first private investment in Africa for BlackRock Alternatives, part of BlackRock Inc (BLK.N), it said.

The Climate Finance Partnership (CFP) is a public-private fund that targets emerging market climate infrastructure, bringing together BlackRock, the French, German and Japanese governments, and some U.S.-based organisations.

It has commitments of $637 million from a range of global investors, which exceeded its fundraising target of $500 million.

“The fund plans to invest at least 25% of its assets under management in Africa,” it said.

Reporting by Duncan Miriri; Editing by Louise Heavens and Jan Harvey

Our Standards: The Thomson Reuters Trust Principles.

Read the full article here

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room March 14, 2023
Share this Article
Facebook Twitter Email Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular News

Auto industry recovery has favoured investors and bosses over workers

News Room News Room September 23, 2023
Roger Federer reflects on ‘perfect’ farewell at Laver Cup but says he misses ‘everything about the game’
Fox News viewers love Trump. Newsmax viewers idolize him.
Taiwan golf ball factory fire kills at least six
Battle of the Kurz movies: is Austria’s ex-chancellor plotting a comeback?
Exclusive: Erik ten Hag on importance of ‘togetherness’ ahead of Burnley clash – ‘Everyone is important’
Biden campaign is off and running against Trump — out of public view
The Nollywood pioneer seeking perfection in African storytelling
- Advertisement -
Ad imageAd image

You Might also Like

Africa

The Nollywood pioneer seeking perfection in African storytelling

September 23, 2023
Africa

Ethiopian prince’s hair, artefacts returned 155 years after British plunder

September 23, 2023
Africa

In Nigeria, grief spills to the streets over death of Afrobeats star Mohbad

September 22, 2023
Africa

Ghana police arrest 49 as high cost of living triggers street protests

September 22, 2023
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Cryptocurrency
  • Forex
  • Stock Market

About US

Jaraa'id is your one-stop website for the latest global and local news and updates, follow us now to get the news that matters to you.
Quick Link
  • Privacy Policy
  • Terms of use
  • Press ReleaseSubmit
  • Advertise
  • Contact
Top Sections
  • Business
  • Sports
  • Videos
  • Market DataLive
  • Weather

Subscribe US

Subscribe to our newsletter to get our Latest articles instantly!

I have read and agree to the terms & conditions

2023 © Jaraa'id. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?