Norwegian aid for power generation

62 Document 3:12 2013–2014 Report on average power consumption in Uganda, this corresponds to the power consumption of 1.7 million people. 57 The 60 MW Khimti hydropower plant in Nepal is owned by the company Himal Power LTD, in which the Norwegian companies SN Power and Bergenshalvøens Municipal Power Company BKK have a combined stake of almost 80 per cent. According to the Ministry of Foreign Afairs, the power plant produces at least 350 GWh annually. Norfund has not invested in power generation in four of the seven core countries: Ethiopia, Liberia, Mozambique and East Timor. The 13 MW Bugoye hydropower plant in Uganda is one of two power plants that Norfund has invested in in the core countries. Photo: Tore WuttudalTrønderEnergi As a result of a cooperation agreement with KLP on investments in renewable energy and inance, Norfund invested in several major power projects in Africa in 2013 and 2014. In South Africa, Norfund and KLP have invested in three solar park projects with a total capacity of 190 MW, and in Kenya the parties have invested in the Lake Turkana project, which will be Africa’s largest wind farm. The power plant has a planned capacity of 300 MW. In Kenya, Norfund has also invested in Kinangrop Wind Park, a project with a capacity of 60 MW, expected to be completed in 2015. Norfund stated in an interview that Kenya and South Africa have stronger inancial institutions than the rest of Africa, and that the operating conditions for private parties are far better than in, for example, Tanzania. Norfund’s single largest investment in renewable energy is in the company SN Power, in which the fund has invested NOK 4 billion. In 2002, SN Power was established as a joint enterprise of Norfund and Statkraft, which own 40 and 60 per cent, respec- tively. In 2000–2013, SN Power’s investments accounted for 86 per cent of Norfund’s investments in renewable energy. 58 In an interview, Norfund pointed out that Statkraft has wanted to invest in countries with favourable conditions, while Norfund has wanted to increase investments in the 57 http:www.norad.nonoresultatervannkraftverk-gir-mer-ren-energi, retrieval date 24 January 2014. 58 Norad’s Norwegian Aid Statistics database. Sorted by agreement where SN Power is the Agreement partner in the statistics. See also Section 5.6.