European Investment Bank, Kenya to cooperate on renewable energy

NAIROBI, Kenya, Mar 3 – Kenya and the European Investment Bank (EIB), the world’s largest multilateral bank and  global financier of renewable energy, will support green hydrogen investment in Kenya.

The new agreement will strengthen the development of green hydrogen schemes in Kenya.

The EIB expects to initially mobilise Sh244.5 million (EUR 1.8 million) of grants from the European Union (EU) and to appraise possible loan financing for larger green hydrogen related investment.

It was signed by EIB Vice President Thomas Östros, and the National Treasury and Economic Planning Cabinet Secretary Njuguna Ndung’u.

The Joint Declaration on Renewable Clean Hydrogen follows a discussion on green hydrogen investment with President William Ruto.

“Kenya has some of the best renewable energy sources in the world if the storage components were equally developed. The route to storage has the potential to develop green hydrogen to deliver sustainable, green and inclusive growth,” Ndung’u said.

“Today’s agreement builds on decades of close cooperation with the European Investment Bank to support renewable energy across Kenya. Together we will develop projects that will develop green hydrogen as part of the Kenya Energy Roadmap 2040.”

Over the last decade, the EIB has provided more than Sh719.8 billion (EUR 5.3 billion) for energy investment across Africa, including Sh56.8 billion (EUR 418 million) for geothermal, wind and solar investment as well as grid investment in 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,” Östros said.

“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.”