LTWP offloads 70% stake in wind farm
LTWP is building a 300 megawatt wind farm in Kenya, with the first 50 MW feeding into the national grid by the end of June 2011.
"The structure we are looking at is that by the time we reach financial close and we move into construction phase, the shareholding of Lake Turkana Wind Power will be 51 percent Aldwych, 19 percent for IDC South Africa and a 30 percent by KP&P, the original owners," said LTWP's Carlo Van Wageningen.
The LTWP chairman declined to say how much the stake sale would fetch, but said it had committed undertakings in the form of joint development agreements.
"The final situation will be known only a few weeks before the expected financial close with the lenders. That is the time when the final valuations will be known," he told Reuters.
LTWP has an exclusivity deal with Denmark's Vestas Wind to supply 360 wind turbines for the plant, which will be situated in the remote northwest.
It also has a power purchase agreement with Kenya's electricity distributor at a feed-in tariff of 7.22 euro cents.
Related News
Utility giant Electricite de France acquired 50pc stake in Irish offshore wind farm
PARIS - It’s been previously estimated that the entire Codling Bank project, which will eventually see hundreds of wind turbines erected about 13km off the Co Wicklow coast, could be worth as much as €100m. The site is set to generate up to 1.1 gigawatts of electricity when it’s eventually operational.
It’s likely to cost well over €2bn to develop.
The other half of the project is owned by Norway’s Fred Olsen Renewables, with tens of millions of euro already reportedly spent on surveys and other works associated with the scheme. Initial development work started in 2003.
Mr Barrett will…
