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EIB invests in green hydrogen projects in Kenya

|News
08 March 2023

Pexels - Photo by: KellyThe European Investment Bank (EIB) renews its commitment to supporting Kenya in its transition to a greener country by focusing on investments in the green hydrogen sector using renewable energy.

EIB, one of the leading global financier of renewable energy, confirmed during a meeting between the bank’s vice-president Thomas Östros and Kenya’s President William Ruto, that it will strengthen support for green hydrogen investment in the country. The parts signed the Joint declaration on Renewable Clean Hydrogen, which confirms EIB commitment to develop projects in the framework of the Kenya Energy Roadmap 2040.

Over the last decade EIB provided more than 5.3 billion euros of investments in the energy sector in Africa, including almost 420 million euros for wind, geothermal and solar investments in the Kenyan region. Now, with this agreement, the European Investment Bank expects to initially mobilize at least 1.8 million euros of grant from the European Union and to appraise possible loan financing for larger green hydrogen related investment.

“Kenya’s wind and solar power can be harnessed to produce green hydrogen and provide affordable power for economic development and industrial growth. The Joint Declaration between Kenya and the European Investment Bank will improve understanding of how best to identify, structure, unlock and implement green hydrogen investment. Development of green hydrogen in Kenya has the potential to enable 100% of Kenya’s energy needs to be supplied by clean power.” said Davis Chirchir, Cabinet Secretary, Ministry of Energy of the Republic of Kenya.

“As part of Team Europe, the European Investment Bank stands ready to enhance cooperation to develop public and private sector investment that uses wind, solar and geothermal resources to produce green hydrogen, combat climate change, and support economic development in Kenya. Our energy and finance experts at the EIB Regional Hub in Nairobi and at headquarters will work closely with Kenyan partners to identify and develop new renewable energy projects and unlock construction of hydrogen production infrastructure.” said Thomas Östros, European Investment Bank Vice President.

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