Kipeto Energy (KEL) is a special purpose vehicle incorporated company for developing Kipeto Wind Power Project.
Kipeto Energy is responsible for the overall financing, construction and operation of the Kipeto Wind Power Project.
Speaking to ESI Africa, Kenya Power managing director and CEO Ben Chumo said: "The PPA is an important step forward in enabling the country meet its development goals in utilising renewable power that is cost effective and environmentally friendly."
Key stakeholders in KEL include African Infrastructure Investment Fund 2, International Finance Corporation and Craftskills Wind Energy International.
Kipeto Wind Power Project is being developed as part of US President Barack Obama’s ‘Power Africa’ initiative. This initiative aims to empower the sub-Saharan Africa to produce 30,000MW of renewable energy.
The wind project has also secured an investment of $223m from Overseas Private Investment (OPIC), an independent US government’s agency that provides investments.
IFC director for Eastern and Southern Africa Oumar Seydi said: "Reliable, affordable energy is vital to creating jobs and supporting economic growth in Kenya.
"IFC supports pioneering companies like Kipeto that are investing in renewable energy in Kenya while benefiting the local community."
Construction on the wind farm will begin in the later part of 2016 and will use 60 of GE’s wind turbines. GE will also provide service to the wind farm for a period of 15 years.
In January this year, China Machinery Engineering (CMEC) was given the contract for the construction of the project.
CMEC said that it will take 23 months for the construction to be completed. Construction cost for the project has been estimated to be about $221m.
