Under the agreement signed between the partners, IFC InfraVentures, a $100 million fund set up by the IFC, will contribute in securing the project's costs of $233 million.
The development of the Mpeketoni wind park, to be located in southeastern Kenya, was initiated by Electrawinds in 2011 and IFC InfraVentures will take part in its further development and provide financing for the project, which has already received environmental approval. The partners expect to wind a planning permission later in 2013 and start construction of the facility next year.
The wind park will feature between 36 and 45 wind turbines. It will operate under a power purchase agreement (PPA), which has not been secured yet, Electrawinds said.
IFC is part of the World Bank Group.