Bank Backs €20M Risk Guarantee For Kenyan Wind Project

Law360, New York (October 2, 2013, 6:30 PM EDT) -- African Development Bank approved the first partial risk guarantee worth €20 million ($27.1 million) for its ambitious Lake Turkana Wind Power Project in Kenya, the bank announced Wednesday.

The guarantee is a "risk mitigation instrument" designed to indemnify private investors in case the Kenyan government doesn't meet the project's contractual obligation. It will apply to the construction of a 428-kilometer transmission line that will eventually connect the wind farm to Kenya's national grid.

The Lake Turkana project, which represents Kenya's largest single private investment in its...
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