Gemcorp Capital Management has announce that it has committed a capital investment into Milele Energy, a clean energy platform to be headquartered in Nairobi, Kenya. Milele is focused on the development, acquisition, and optimisation of clean energy assets across sub-Saharan Africa.
The $ 150 million seed investment includes funding for the planned acquisition by Milele of a significant stake in Africa’s largest wind farm, Kenya’s Lake Turkana Wind Power Project, with further plans to make significant expansion in generation capacity from available wind and solar resources. Since 2019, the Lake Turkana Wind Power Project has been supplying up to 30% of the country’s power at times, employing over 320 employees, of which 85% are from the local community and 99% from Kenya. Milele Energy is led by three former GE Africa executives with 50+ years of cumulative experience in the African energy sector and was founded in 2019 by Erik Granskog, the company’s CEO and former Managing Director of GE Capital - Africa. Milele Energy’s management team includes Chairman Jay Ireland, the former CEO of GE Africa, and Managing Director Michele van der Westhuizen, the former Development Leader for GE Power – Africa. Gemcorp Capital’s investment will also support Milele Energy’s execution of a 500MW+ pipeline of strategically important power infrastructure projects across Africa, spanning both renewable technologies and gas-for-baseload applications.