Proparco, a subsidiary of the French Development Agency (AFD) specialising in private sector financing, has confirmed an equity investment in the Kipeto wind farm, with an installed capacity of 100 megawatts (MW), located in Kenya’s Kajiado County. The announcement was made on November 12, with no details provided on the amount committed.
The investment was made jointly with the Meridiam Infrastructure Africa Fund II, a vehicle managed by French asset manager Meridiam, which has held the project’s majority stake since 2023. This participation strengthens the financial structure of the wind farm, currently ranked as the second-largest wind power facility in the country.
A strategic infrastructure in Kenya’s power mix
The Kipeto wind farm consists of 60 turbines supplied by General Electric (GE) and generates approximately 432 gigawatt-hours (GWh) of electricity annually. It supplies the national grid under a twenty-year power purchase agreement signed in 2016 with Kenya Power and Lighting Company (KPLC). The site, according to operators, meets the equivalent of 250,000 households’ annual consumption.
Built over a twenty-four-month period, the project also includes a 17-kilometre transmission line. It was initiated in 2008 by Kenyan developer Craftskills, which retains a 12% stake. The remaining shares have been controlled by Meridiam since December 2023, following a stake acquisition from British investor Actis.
Financial support aligned with a regional strategy
This transaction is part of a broader trend of increased French involvement in African energy infrastructure. Proparco reports €1,284mn ($1.38bn) committed across the continent in 2024, representing 47% of its annual project volume.
The French ambassador to Kenya described the project as “a symbol of bilateral energy cooperation”, as Kenya aims to achieve a 100% renewable electricity mix by 2030. The country already relies on geothermal, hydroelectric and, increasingly, wind energy, which accounted for 14% of electricity generation in 2023.
