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Google to Buy Vestas’ Shares in Lake Turkana Wind Power - Upon completion of the project in 2017, Google will acquire Vestas’ 12.5 percent stake in Africa’s largest wind park, which will supply around 15 percent of Kenya’s electricity needs based on current generation capacity - Vestas.com
Google to Buy Vestas’ Shares in Lake Turkana Wind Power

 

PRZOOM - /newswire/ - Aarhus N, Denmark, 2015/10/20 - Upon completion of the project in 2017, Google will acquire Vestas’ 12.5 percent stake in Africa’s largest wind park, which will supply around 15 percent of Kenya’s electricity needs based on current generation capacity - Vestas.com.

   
 
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The share purchase agreement was announced in Washington, DC, in connection with U.S. Secretary of State John Kerry’s Climate and Clean Energy Investment Forum and builds on a long-standing relationship between Google and Vestas, which also includes the 270 MW Alta Wind Energy Centre in southern California and the powering of a Google data centre in Finland.

The Lake Turkana wind park is expected to be one of the most efficient wind parks in the world, and have an annual power production of more than 1,400 GWh, which will provide around 15 percent of Kenya’s electricity needs based on current generation capacity. The wind park is owned by Lake Turkana Wind Power and is key to Kenya’s development goals and a prime example of wind energy’s ability to create sustainable development across the globe.

Google’s investment is a leading example of companies investing in wind energy globally to achieve attractive financial returns and scale the deployment of renewable energy. This trend shows that whether a company is looking to power one’s own operations, reduce supply risk and price volatility, or contribute to combatting climate change, investing in wind energy makes economic sense.

“We are making a commitment to invest in Lake Turkana because it makes financial sense, but also because it has the potential to have a massive impact on Kenya’s grid, helping to spur the deployment of renewable energy in one of the world’s fastest-growing countries”, said John Woolard, Vice President, Energy at Google. “We look forward to joining Vestas and others to help accelerate progress toward a future of clean energy in Kenya”.

Taking part in the announcement, Vestas Group President and CEO Anders Runevad said: “We commend Lake Turkana Wind Power for their ground-breaking work in bringing the project to this stage. We are extremely proud to provide the technology and service for a project that will be one of the most efficient wind parks in the world and which upon completion will include Google among its investors”.

Google’s investment in the Lake Turkana wind project will be its 22nd renewable energy project investment overall and second in Africa. Vestas will retain its equity stake in the project until its completion in 2017, upon which Google will formally join the Lake Turkana Wind Power investor group.

About Vestas

Every single day, Vestas wind turbines (vestas.com) deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ 55,000 wind turbines currently reduces carbon emissions by over 60 million tons of carbon dioxide every year, while at the same time building energy security and independence. Vestas has delivered wind energy in 74 countries, providing jobs for around 18,800 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 52 percent more megawatts installed than anyone else in the industry and 70 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.

 
 
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Agency / Source: Vestas Wind Systems A/S

 
 

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Google to Buy Vestas’ Shares in Lake Turkana Wind Power

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Contact: Michael Zarin - Vestas.com 
+45 4084 1526 mizar[.]vestas.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Vestas Wind Systems A/S securities in any jurisdiction including any other companies listed or named in this release.

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