Kenya commits $4.48bn to advance green energy projects

Nairobi city center - capital city of Kenya, East Africa

Kenya, led by President William Ruto, has taken a significant leap towards establishing itself as a “green powerhouse” in Africa by signing agreements worth $4.48 billion to develop a range of renewable energy projects. The country, which currently generates 92% of its electricity from renewable sources such as geothermal, hydro, and wind, announced these deals at the COP28 summit.

The projects, encompassing a diverse portfolio of green initiatives, aim to enhance Kenya’s commitment to sustainability and environmental conservation. Among the agreements are a $1.5 billion green fertilizer project with Fortescue Future Industries and a $1 billion geothermal venture at Suswa in partnership with the Indonesian government and Masdar-backed Pertamina Geothermal Energy.

Further investments include a collaboration between AMEA Power of the UAE and Geothermal Development Co. of Kenya, committing $800 million to the 200MW Paka Geothermal Project. Additionally, a $600 million data center is to be established at Olkaria, utilizing eco-friendly geothermal power in association with EcoCloud.

United Green and Kenya Development Corp. are set to implement a $270 million sustainable agricultural project across 15,000 hectares in the lake basin area. The country is also embarking on a $200 million Clean Energy Supply Chain (CESC) initiative and a $110 million geothermal project for a 35MW plant with Globeleq at Menengai.

These developments align with Kenya’s broader environmental goals, which include planting 15 billion trees and rehabilitating 10,000 wetlands, with prospects of engaging in nature swaps to support these endeavors.

Kenya’s investment in green energy projects not only positions it as a leader in renewable energy within Africa but also underscores its proactive approach to addressing global climate challenges. The nation is also considering the issuance of sovereign green bonds to fund these ambitious climate projects.

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