This archive report was first published on 16 December 2019.
Published on December 16, 2019, Business Daily reported that Norfund had acquired a 19% stake in the Kinangop Wind Farm project, which was initially anticipated to have a generation capacity of 60.8MW.
The KSh15.5 billion project attracted investors such as Old Mutual and Macquarie Group, but was cancelled in 2016 following protests from local communities over inadequate compensation for their land and health concerns.
According to Norfund, the writing off of the project was due to its negative effect on returns, with values set to zero on December 31, 2018, when operations shut down.
Stanbic Bank, which had teamed up with Standard Bank to fund the project, appointed PricewaterhouseCoopers (PwC) as receiver managers after the project collapsed.
