LONDON, March 30, 2023 (GLOBE NEWSWIRE) — Gemcorp Capital Management Limited is pleased to announce that it has made a significant equity investment in Milele Energy, a clean energy platform headquartered in Nairobi, Kenya. Milele is focused on the development, acquisition and optimization of clean energy assets throughout Sub-Saharan Africa.

The seed investment includes funding for Milele’s proposed acquisition of a significant interest in Africa’s largest wind farm, the Lake Turkana Wind Power Project in Kenya, with further plans to significantly expand generation capacity from available wind and solar resources. Each of Milele’s investments aims to create hundreds of direct jobs during construction and potentially several thousand indirect jobs by providing clean and low-cost green electricity to fuel Kenya’s industrial growth.

The initiative was officially announced today at the AmCham Business Summit in Kenya, which was attended by Kenyan President William Ruto, US Ambassador to Kenya Meg Whitman, Jay Ireland, Milele Chairman Jay Ireland and CEO Erik Granskog, and Pranav Khamar, portfolio manager for clean energy by Gemcorp Capital.

As of 2019, the Lake Turkana Wind Power Project at times provides up to 30% of the country’s electricity and employs over 320 people, 85% of whom are from the local community and 99% from Kenya. As Africa’s largest wind farm, the project is developing a wind resource that ranks in the top 0.1% in the world, making it one of the most productive wind farms in the world, with expansion opportunities capable of producing multiple gigawatts as Kenya’s energy demands require it.

Milele Energy is led by three former GE Africa executives with over 50 years of 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, former CEO of GE Africa, and Managing…