The largest wind power project in Africa has marked a significant milestone, with the signing of a €623 million (£521m) loan and completing its financial agreements.

The European Investment Bank (EIB) is among the 10 institutions backing the Lake Turkana Wind Power Project (LTWP), providing €200 million (£167.2) of the total funding.

The 300MW project will include 365 wind turbines – expected to generate around 20% of Kenya’s power – and is the largest private investment in Kenya to date.

Pim van Ballekom, EIB Vice-President said: “Availability of affordable energy is essential for Africa and electricity from the Lake Turkana Wind Power project will support economic growth across Kenya by helping to ensure power supply during periods of peak demand.”

The project is expected to start producing power in early 2016.