IFC finances Tanzania project

The three will together contribute $18 million during the development phase and $71 million in total equity, out of a total project cost of $285 million. The rest will be secured through loans.

The project, which is owned by project company Wind East Africa (WEA), received a provisional licence from Tanzania's energy regulator in 2011.

According to local media, the facility is scheduled for completion in early 2015, although WEA has still to secure a power purchase agreement and reach financial close. It was originally slated to be built in two phases of 50MW each.

WEA hopes the facility will be Tanzania's first independent wind power project. Its closest rival is a 50MW project also near Singida jointly owned by the National Development Corporation (NDC) and Power Pool East Africa Ltd, a private company, with support from China.