Google Has Acquired 12.5% Stake in Lake Turkana
Google has acquired 12.5% stake in Lake Turkana, Africa’s largest wind park for $40 million. The company announced this via its Google Green blog.
The company said:
“We’ve come a long way since we first started investing in renewable energy, committing more than $2 billion to 22 clean energy projects, and broadening our portfolio to include new regions like Africa. Since investing in the continent’s largest solar project, we’ve continued to see a big opportunity in fast-growing markets with rich renewable energy resources, where both the need and the potential are great. In fact, many countries are turning to renewables to help connect the nearly two-thirds of Africans that don’t have power today.
Today, we’re committing to invest in the Lake Turkana Wind Power Project in Northern Kenya, our second clean energy investment in Africa. When complete, Lake Turkana will bring 310 megawatts of clean energy onto Kenya’s grid—enough to power more than two million households across the country. Lake Turkana will help bring much needed capacity and stability to Kenya’s energy supply, reducing reliance on fossil fuels and emergency diesel generation while providing some of the most cost effective power in the country.
Google will join a diverse group of international investors in Lake Turkana, including the Overseas Private Investment Corporation, the U.S. government’s development finance institution, and Vestas, which is also supplying the turbines for the wind farm. We will purchase Vestas’ 12.5% stake in Lake Turkana once it comes online, becoming the first U.S. private investor to support the project.”