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Lake Turkana (onshore wind) – PensionDenmark

In 2007 a group of international investors came up with the idea of establishing a wind park close to the large desert lake Turkana.

Twelve years later 365 gigantic wind turbines from Vestas are producing power to Kenya’s population of approx. 48 million people.

On average, the turbines deliver around 150,000 megawatt hours per month corresponding to approx. 15 per cent of Kenya’s total electricity production.

The number of power cuts in Kenya has been reduced considerably since the turbines started to run at full speed.

The production of fossil-based energy is more than halved from around 230,000 MW hours in January 2018 to around 100,000 MW hours in January 2019. Consequently, the CO2 emissions have been considerably reduced.

Asset classes
• Unlisted equity

Value in US dollars
• USD 740M (full value of the project)

Geographic location
• Kenya

Green Dimension(s):
• Clean energy production. 365 wind turbines with 0,85 Mw capacity from Vestas

Expected Maturity
• Lake Turkana Wind Project has a 20-year PPA with KPLC. The technology in use will most likely have become obsolete at that time (if not earlier).

• IFU: The Danish Climate Investment Fund was established in January 2014 in a new collaboration between the Ministry of Foreign Affairs, IFU, pension funds PensionDanmark, PKA, PBU and Dansk Vækstkapital, and Aage V. Jensen Foundation.

Form of Funding
• Blended Finance: Danish Development Finance Institution and Pension Funds (incl. PensionDanmark) investment through Danish Climate Investment Fund: USD 250M.

Torben Möger Pedersen

Lake Turkana (onshore wind) – PensionDenmark
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