Kenya-based Milele Energy secures $150mn investment from Gemcorp Capital

Gemcorp Capital, a London-based emerging market focused asset manager, has announced a $150 million investment in Milele Clean Energy Company, based in Nairobi, Kenya. This investment will fund the acquisition of a significant stake in Africa's largest wind farm, Lake Turkana, supporting low-cost renewable energy for Kenya's grid. Atanas Bostandjiev, Founder and Chairman of Gemcorp Capital, shared details of the investment in an exclusive interview on CNBC Africa. Gemcorp Capital, with a track record of deploying over $7 billion across private credit, public credit, and private equity transactions, is excited about this strategic investment in Milele Clean Energy Company. The company has committed the $150 million for the immediate execution of a pipeline of transactions, with Lake Turkana being the first target asset acquisition. Lake Turkana wind farm, boasting one of the world's top 0.1% wind capacities, provided over 30% of Kenya's green energy last year. By expanding the current 350 megawatts to a gigawatt, the project aims to enhance energy security and industrialization in Kenya and neighboring countries. Bostandjiev emphasized the project's significance in helping Kenya reduce fuel imports or reliance. The wind-generated power from Lake Turkana offers the lowest marginal cost electricity in the region, potentially reducing consumer electricity costs. Despite being a private investment, Gemcorp Capital has received positive feedback from the Kenyan government and regulators. The company looks forward to strengthening its relationship with local entities and deepening its presence in the Kenyan market. Bostandjiev acknowledged Africa's untapped renewable energy potential and the investment gap in the sector. Gemcorp Capital's mission aligns with bridging this gap by attracting global investors and institutions to allocate funds for infrastructure development. The focus is on creating sustainable growth, adhering to ESG principles, and supporting countries in achieving SDG targets. Bostandjiev encouraged more investors to join in this critical path, emphasizing the importance of partnering with local companies to facilitate capital raising. The Milele platform launch and the Lake Turkana transaction serve as a testament to Gemcorp Capital's commitment to driving impactful investments in Africa.