Oct. 25 (Bloomberg) -- Iberdrola SA will build a wind farm northwest of Nairobi for 85 million-euros ($117 million) as Spain’s biggest utility seeks growth in the African nation.
The Kinangop plant with 61 megawatts will be owned by Africa Infrastructure Investment Fund 2, backed by Macquarie Africa Ltd. and Old Mutual Investment Group South Africa, Iberdrola said in a statement. Norfund AS, the Norwegian investment fund for developing countries, will also own shares. South Africa’s Standard Bank Group Ltd. was a manager for the deal, according to Iberdrola.
Iberdrola is seeking growth in Kenya where President Uhuru Kenyatta pledged to accelerate the pace of economic growth and ensure every Kenyan has access to electricity by 2020. The utility is also building grid upgrades in the Kenyan capital as well as the Ngong II wind farm outside Nairobi, where it’s working with Gamesa Corp Tecnologica SA.
Iberdrola will build and commission Kinangop with 38 turbines from General Electric Co., according to the statement.
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