A group of Kenyan investors are planning to build a 30-MW wind farm on the outskirts of Nairobi, with civil works commencing in July.Stima Investment Limited is planning to raise KES240 million from its members to buy a 40 per cent stake in a locally-owned Oldonyat Wind Power Project located in Ngong Hills. Each interested member will contribute a minimum of KES35, 000 to buy shares in the project estimated at KES600 million.
The firms’ investment is part of its strategic plan to grow its net revenue and asset base to KES7.3 billion and KES80 billion respectively within ten years. The company behind the wind power project has finalised on a power purchase agreement to sell an initial 10 MW to Kenya Power. The 10MW power will be connected to the national grid in February 2016.
The project has attracted major energy sector project financiers, both locally and internationally, with the Kenyan bank, NIC Consortium set to extend a ten year loan at an average annual interest rate of seven per cent.
Stima Investment Limited is a co-operative society which is largely owned by employees of energy sector players including the national electricity distributor, Kenya Power and Kenya Electricity Generating Company Limited (KenGen), state owned electricity generator.