Google Inc (GOOGL) To Invest In $700 Million Kenya’s Wind Power Project
Google Inc (NASDAQ:GOOGL)’s love for green energy is taking it deep inside Africa, this time around in Kenya. The company is expected to back Kenya’s $700 million wind power project. The involvement of Google in the power project is expected to trigger interest among other U.S. private investors to back Kenya’s massive initiative.
The project will cover 40,000 acres of land, and is expected to boost Kenya’s energy capacity by 20% when completed.
Boost to Kenya’s power capacity
Less than 50% of Kenya’s population currently has access to electricity, and the Lake Turkana Wind Power Project is expected to come as an enormous boost to the country’s power capacity.
Stakeholders expect Google’s move to give the wind project a huge vote of confidence, triggering investment interest among other private sector investors.
$250 million government backing
Google’s move in Kenya’s Turkana wind power project is also expected to help secure more U.S. government backing for the project. The Turkana project could benefit from a $250 million backing through President Barack Obama’s initiative called Power Africa.
To secure the important government backing, the Turkana projected needed to receive what has been termed as “meaningful” participation of the U.S. private sector. The involvement of Google Inc (NASDAQ:GOOGL) is expected to satisfy the requirement, thereby unlocking government support for the project.
Google in South Africa
Google Inc (NASDAQ:GOOGL)’s participation in the Turkana project is just one of the many green energy projects the company is backing in Africa. In 2013, for instance, Google invested $12 million in one of South Africa’s solar projects.
Power and Internet access
Google Inc (NASDAQ:GOOGL)’s support for green energy has seemed to go hand in hand with its push for broader Internet access. Through initiatives such as Google Project Loon, the company is trying to make cheap and reliable Internet widely accessible, especially in developing markets.
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