PUBLIC UNDERWRITING EXAMPLE
HOW TO READ AN AEI RECORD
Lake Turkana Wind Power
A public, source-linked example of the difference between a project headline and a record that can support initial underwriting. This is not investment advice or a recommendation.
310.25 MWWind · Kenya · operational
STATUS
OperationalFull commercial operation recorded July 2019.
FINANCING EVENT
Financing documentationLender syndicate and finance agreements disclosed in 2014.
EVIDENCE STANDARD
Primary / DFI sourcesEvery fact below links to a source or is explicitly left open.
1 · Project and counterparties
recorded facts| Asset | Lake Turkana Wind Power · Marsabit County, Kenya |
| Capacity | 310.25 MW wind |
| Offtaker | Kenya Power (KPLC) |
| Sponsors | KP&P Africa · Aldwych International · Vestas · Finnfund · IFU · Norfund |
| Commercial operation | July 2019 |
2 · Financing record
reported financing terms| Financing documentation | Loan and financing agreements signed March 2014; later closing milestones should be checked against the underlying record. |
| Reported project cost | €613m (EIB project page) |
| Lenders | African Development Bank · EIB · FMO · Proparco · EADB · TDB · DEG · Triodos · Standard Bank · Nedbank · EKF |
| Reported contract | 20-year Kenya Power PPA |
3 · Status chronology
dated milestones, not headline recency- 2014 · financing agreements signed. Lenders and the financing structure were disclosed; remaining conditions precedent were noted at the time.
- 2018 · first power. Generation began before the transmission line was fully energised.
- 2019 · full commercial operation. The Loiyangalani–Suswa line enabled full operation.
4 · What remains unknown
diligence questions, not zeros- Current debt balance, pricing and amortisation profile
- Current DSCR, reserve balances and covenant headroom
- Current PPA payment position and any remaining deemed-energy settlement exposure
- Any refinancing, ownership change or updated security package after close
AEI shows an unknown as an open question. It does not convert an absence of disclosure into a favourable assumption.
5 · Source trail
open the evidence before relying on it- European Investment Bank — Lake Turkana Wind Power ↗Project cost, capacity and project documentation.
- African Development Bank — lender syndication ↗Financial-close context and lender group.