Kenya’s Milele Energy seeks to fund clean energy projects in Africa

Kenya’s Milele Energy seeks to fund clean energy projects in Africa with seed investment

Kenya-based Milele Energy has secured its first capital investment that will allow it to bid for a significant stake in the 310MW Lake Turkana Wind Power Project. The wind farm, the largest in Africa, supplies renewable energy to Kenya’s national grid and started commercial operations in 2019. 

Mileli, a new power generation company set up by former GE executives to focus on clean energy projects across Africa, is to receive $150m from Gemcorp Capital to grow its platform.

“The Lake Turkana Wind Project is a critical contributor to the portfolio of green energy capacity in Kenya,” Gemcorp Capital Chief Executive Officer, Atanas Bostandjiev said in a statement. The wind farm supplied up to 20% of electricity produced in 2022. "We are delighted to be at the forefront of powering an economy which has immense potential for industrial development.”  

Gemcorp Capital's investment will also help Milele Energy execute 500MW+ pipeline of power infrastructure projects across Africa, including renewable technologies and gas-to-power.

Affordable clean energy 

Milele said it planned to meet the energy demands on the continent in a low-cost, sustainable, and responsible manner. 
“Gemcorp’s investment in Milele is a culmination of almost four years of effort to create a new, African-based energy company to power the Africa of tomorrow,” said Milele Energy Chairman Jay Ireland.

Gemcorp Capital, an independent investment management firm focused on emerging markets, says it is looking to invest at least $10 billion in Africa over the next decade. The investor has already invested in several energy infrastructure projects in Africa, data from the Hawilt+ research terminal shows. Gemcorp is notably a financier of both the 10,000 bpd refinery commissioned in Liberia in 2022, and of the under-construction 30,000 bpd Cabinda Refinery in Angola. 

Africa has vast resource potential in renewable energy that remains largely untapped. According to findings from the International Energy Agency (IEA), the continent is home to 60% of the world’s best solar resources, yet has only 1% of installed solar generation capacity. 
IEA says Africa needs $190 billion of investment every year between 2026 to 2030. And two-thirds of it has to go to clean energy if the continent must achieve its energy and climate change goals.

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