Milele Energy, a shareholder of Lake Turkana Wind Power, rebrands to Osprey Renewables

Milele Energy, a wholly-owned subsidiary of UK-based private equity firm Gemcorp Capital management Limited, has rebranded to Osprey Renewables Africa Ltd.

Milele is a clean energy generation and investment company based in Nairobi, Kenya. In 2023, it acquired a $150 million (Ksh19.3 billion) stake in Lake Turkana Wind Power (LTWP), the largest wind farm in Africa with a capacity of 310.25MW.

The stake acquisition in LTWP was funded by Gemcorp.

In a statement released last week, Gemcorp said that Osprey aims to invest in utility-scale renewable energy projects to deliver well-priced, reliable energy to support the region’s green industrialisation.

The private equity firm said that Osprey intends to achieve this by developing energy offtake to both public utilities and private customers, tapping into ongoing strides by the government of Kenya to liberalise the national electricity market.

To kickstart this mission, Osprey will provide local oversight for the significant stake in Lake Turkana Wind Power (LTWP), which Gemcorp acquired in 2023, along with further development rights. LTWP is Africa’s largest operational wind farm and in 2023 supplied c.11% of the electricity demand to the Kenyan grid.

gemcorp

Since the acquisition, Osprey has been leading efforts to develop a hybrid project that will materially increase generation adjacent to the LTWP site through a mix of wind, solar and battery technology.

Led by a team of experienced industry professionals based in Nairobi, with close support from the Gemcorp Group, Osprey’s ambition is to continue investment into this as well as other transformational renewable energy projects in East Africa, said Gemcorp.

Osprey is also building partnerships across a range of industries that need access to proven, cost-effective and reliable sources of renewable energy. As those requirements are fulfilled, these partnerships will drive creation of local jobs, encourage subsequent investments in green value chains and support economic development in Kenya and more widely across East Africa.

Commenting on the launch of Osprey, Atanas Bostandjiev, Founder and CEO of Gemcorp Group stated,

“Gemcorp is pleased to launch Osprey Renewables. We look forward to leveraging our investment in Lake Turkana to make similarly compelling investments and to building partnerships to support the development of green industry in the region. We are also proud to have with us an experienced and empowered team based in Nairobi, which further illustrates Gemcorp’s commitment to investing in East Africa and positions us well to take advantage of the exciting investment opportunities that the region has to offer.”

brian@theenergyreview.com