Vestas Sells Shares in Kenyan Wind Power Project

By Dominic Chopping

Vestas Wind Systems has sold its stake in the Lake Turkana Wind Power project in Kenya to a partnership managed by BlackRock.

The Danish wind turbine manufacturer said Monday it has sold its 12.5% stake in the project to the Climate Finance Partnership, completing a plan outlined last year.

The company has been a shareholder in the project since 2014, from development and construction until power generation, with 365 of its turbines creating electricity for 1.2 million Kenyan homes, or around 14% of the overall electricity demand in Kenya.

Vestas will continue to service the turbines.

"The divestment follows Vestas strategy of developing wind farms without being a long term owner," it said.

The sale is the result of a sales process run by the company in cooperation with the Finnish Fund for Industrial Cooperation and the Danish Investment Fund for Developing Countries, who have also sold their respective shares in the project to the Climate Finance Partnership.

The Climate Finance Partnership is a partnership between BlackRock and the governments of France, Germany, and Japan as well as a number of impact U.S. organizations.

Vestas said the sale price remains undisclosed, and that the transaction will have a negligible impact on its earnings or outlook.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

February 19, 2024 06:51 ET (11:51 GMT)

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