Google backs out from Lake Turkana wind farm stake buy - report

Internet giant Google has dropped plans to buy Vestas Wind Systems A/S’ (CPH:VWS) 12.5% stake in the 310-MW Lake Turkana Wind Power plant in Kenya, Reuters reports.

The Alphabet Inc’s unit has scrapped its intentions for the purchase due to certain delays on the project, mainly related to its transmission line. The Danish wind turbine maker is now holding talks with other potential buyers, a Vestas spokesperson told the news agency.

The Lake Turkana wind farm, worth around KES 70 billion (USD 696m/EUR 637.5m), was initially scheduled for completion in 2017 but its commissioning was delayed due to the protracted construction of the 428-km (266-mile) transmission link to the power grid. It was officially opened in July 2019 and is anticipated to generate enough power for about 330,000 local homes.

The LTWP consortium is behind the sprawling project. Apart from co-developers KP&P Africa BV and Aldwych Intl, it also includes Investment Fund for Developing Countries, Vestas Eastern Africa Ltd, Finnish Fund for Industrial Cooperation Ltd, KLP Norfund Investments AS and Sandpiper.

(KES 100 = USD 0.994/EUR 0.911)

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