The board of directors of the Overseas Private Investment Corp. (OPIC), the U.S. government's development finance institution, has approved an investment guaranty of up to $250 million to support construction of the Lake Turkana wind power project in northern Kenya.
OPIC says it joins several development finance institutions and private lenders in providing financing for the 310 MW project, which will be the single largest wind power project in Africa and is projected to serve more than 2.5 million Kenyan homes, boosting the country's installed energy capacity by 20%. The project is expected to create over 2,000 jobs during the construction phase and sustain nearly 200 full-time jobs when operational.
OPIC says it is playing a key role in President Barack Obama's Power Africa Initiative, which aims to catalyze private investors to produce 10 GW of new energy for the more than 600 million Sub-Saharan Africans currently living without power. OPIC has committed to provide $1.5 billion to develop energy projects throughout Sub-Saharan Africa over the next five years in support of the initiative.