Ashurst advised the sponsors, Aeolus Kenya, on the successful financial close of the development and financing of the 60MW (US$150 million) Kinangop Wind Farm in Kenya. The plant will provide electricity to 150,000 Kenyan households and will be the largest wind power generation project to be built in sub-Saharan Africa to date outside of South Africa.

The project is underwritten by CfC Stanbic Bank who are also the lead arranger. The Norwegian Investment Fund for Developing Countries and Macquarie's African Infrastructure Investment Fund will provide the equity.

The team from Ashurst's London office was led by partners Antony Skinner, Michael Smith and Jan Sanders, assisted by associate George May.

The project will have a significant impact on Kenya's electricity market, providing cost-effective power to the economy. Kenya currently relies heavily on hydro-electric dams for power, which is often challenged in times of recurring drought. The project is designed to provide a clean source of electricity to the country. It will not only contribute to the social and economic development of Kenya, but will also significantly help ease the energy supply deficit that the country is grappling with and reduce heavy reliance on other sources of power. The project is also a good example of successfully bringing private players into the renewable energy sector in this region, and serves as a good vote of investor confidence in the Kenyan economy.

Partner Antony Skinner commented:

"We are delighted to have advised Aeolus Kenya on this ground-breaking development, which signals a new age of wind power generation projects in the region, outside of South Africa. We hope that this project will serve as a foundation for future developments in this sector and are proud to have been able to assist in closing such a significant project for the Kenyan energy market."