Vestas has completed the sale of its 12.5 percent shares in Lake Turkana Wind Power (LTWP) in Kenya. The shares have been acquired by the Climate Finance Partnership (CFP), managed by BlackRock, after CFP announced its intention in March 2023 to acquire the shares held by Vestas Eastern Africa Ltd.
The purchase price remains undisclosed, but the transaction will have a negligible impact on Vestas' earnings or outlook. With its 310 MW capacity, the LTWP wind farm remains the largest in Africa to date. Vestas has been a shareholder in LTWP since 2014, from development and construction to power generation. The project was connected to the national Kenyan grid in 2018. Vestas will continue to service the turbines, each with a capacity of 850 kilowatts. The divestment follows Vestas' strategy of developing wind farms without being a long-term owner. The sale is the result of a sales process run by Vestas in cooperation with the Finnish Fund for Industrial Cooperation Ltd. (Finnfund) and the Danish Investment Fund for Developing Countries (IFU), who have also sold their respective shares in LTWP to CFP.
