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"We have firmed up the full equity for the project. We have successfully finalised the equity participation in the project and the joint development agreement," says Chairman Carlo van Wageningen. "We now have commitments for entry into the project by new partners and this will happen at financial close."
Although government support has been fantastic throughout, providing a guarantee for a private undertaking has proved troublesome due to Kenyan law. After working closely with the Minister of Finance, LTWP were able to secure an Escrow account between the government and the Kenya Power and Lighting Company.
"The government was able to provide a letter of support, which isn't a guarantee, but supports the project confirming to the lenders that they want to share the responsibilities and it won't affect the country's budget," reveals van Wageningen.
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About Lake Turkana Wind Power
Lake Turkana Wind Power (LTWP) is a renewable energy project which aims to...
