LONDON – The 310 MW Lake Turkana Wind Power project was awarded African Renewables Deal of the Year 2014 by Project Finance International. Bracewell & Giuliani’s London-based energy team was involved in the project on behalf of Vestas Eastern Africa Limited, who will supply and install the 365 Vestas V52-850 kW wind turbines and provide long-term maintenance of the wind turbines in contract with Lake Turkana Wind Power Limited.
The Lake Turkana Wind Power projectaims to provide 310 MW of reliable, low-cost, onshore wind power to the Republic of Kenya’s national grid, which is equivalent to approximately 20% of the current installed electricity generating capacity. The project is of significant strategic benefit to Kenya, and at Ksh70 billion (€600 million) will be the largest single-private investment in Kenya’s history. The construction and long-term maintenance contracts also addressed unique challenges faced by the location of Lake Turkana, which is in one of the most remote areas of Kenya.
The honors bestowed by Project Finance Internationalwere presented at the PFI Awards Dinner, which annually sees more than 600 of the world’s most successful professionals gather to celebrate project finance excellence. This year’s event was held on February 4 in London and raised more than £10,000 for the Save the Children charity. Project Finance International, a Thompson Reuters publication, is a leading source of global project finance intelligence.
The London-based energy team of Bracewell was also recognized as Energy and Natural Resources Team of the Year at The African Legal Awards 2014.
Bracewell attorneys that advised on this matter include:
Partner: Tracy C. London
Counsel: Matthew B. Mulqueen