Google to invest $700 million in Kenya’s wind power projectStaff writer ▼ | June 16, 2015
Google is expected to back Kenya’s $700 million wind power project. The involvement of Google in the power project is expected to trigger interest among other U.S. private investors to back Kenya’s massive initiative.
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Less than 50% of Kenya’s population currently has access to electricity, and the Lake Turkana Wind Power Project is expected to come as an enormous boost to the country’s power capacity.
Stakeholders expect Google’s move to give the wind project a huge vote of confidence, triggering investment interest among other private sector investors.
Google’s move in Kenya’s Turkana wind power project is also expected to help secure more U.S. government backing for the project. The Turkana project could benefit from a $250 million backing through President Barack Obama’s initiative called Power Africa.
To secure the important government backing, the Turkana projected needed to receive what has been termed as “meaningful” participation of the U.S. private sector. The involvement of Google is expected to satisfy the requirement, thereby unlocking government support for the project. ■