AfDB signs guarantee for Lake Turkana Wind

The African Development Bank (AfDB) has signed a €20m ($26.7m) partial risk guarantee (PRG) to support construction of a transmission line to connect the 310MW Lake Turkana Wind Power project in northern Kenya to the national grid near Nairobi. Issued via the Bank’s African Development Fund (ADF) concessional loans arm, the PRG is the first of its kind for the AfDB and crucially, will allow project company Lake Turkana Wind Power (LTWP) to draw down on its long term debt, rather than relying on equity to fund construction, as has been the case until now.