African Development Bank President Donald Kaberuka and Elizabeth Littlefield, president and CEO of the U.S. Overseas Private Investment Corp., signed on Friday a letter of intent to finance the 310-megawatt Lake Turkana Wind Power Project in northern Kenya.
Investors hope the project will help address a power supply shortfall in the country, which experiences frequent outages and could save up to $150 million annually on imported electricity. “This project was not easy to mount,” Kaberuka said during the signing ceremony in Washington, D.C. while Littlefield noted she hopes this partnership will be a model for many in the future between AfDB and OPIC.