French development finance institution Proparco has acquired an equity stake in Meridiam’s 100MW Kipeto wind farm in Kenya, a transaction which is a co-investment alongside the Meridiam Infrastructure African Fund II, in which the Paris-based impact investor is also an investor.
Kipeto, Kenya’s second largest wind power project after Turkana wind power plant, has been operational since July 2021 under a long-term power purchase agreement with the national utility, Kenya power.
Jean Guyonnet-Duperat, Regional Director for East Africa at Proparco described the partnership as a move that supports the climate-focused investment institution’s commitment to accelerate Africa’s low-carbon transition, while delivering tangible socio-economic benefits.
“Kipeto provides dependable, affordable clean power, avoids over 200,000 tonnes of CO2 annually, supports jobs and channels a share of profits to community projects – fully consistent with Proparco’s mandate and Kenya’s climate ambitions,” said Guyonnet-Duperat.
“We are pleased to welcome Proparco as a co-investor in the Kipeto wind farm, reinforcing a strong partnership built on successful joint projects across Africa,” said Thiery Deau, founder and CEO of Meridiam.
Meridiam and Proparco have previously supported transformative initiatives in clean energy, transport, and digital access in Africa, including Dakar’s electric bus rapid transit system and the Biovea biomass power plant in Ivory Coast.
About Proparco
As the private-sector investment arm of Agence Française de Développement (AFD), Proparco invests in renewable energy, SMEs, infrastructure, and financial institutions across Africa, Asia, and Latin America. In Kenya, beyond the Kipeto Wind Plant, the French DFI has supported companies such as BBoxx Solar Home Systems, Equity Group (through green loan facilities), M-KOPA, and Athi River Mining.
Globally, Proparco invests more than €2.3 billion annually across over 80 countries, with 40% of its portfolio dedicated to climate-related projects. Kenya, already Africa’s leading geothermal producer and one of the continent’s most diversified renewable energy markets—remains a key destination for the institution’s climate investment strategy.
