EIB, Kenya strengthen green hydrogen cooperation
SUMMARY
The EIB expects to initially mobilise €1.8mn of grants from the EU and to appraise possible loan financing for larger green hydrogen-related investments.
By Shardul SharmaPOSTED IN:
The European Investment Bank (EIB) March 1 said it will strengthen support for green hydrogen investment in Kenya.
Thomas Östros, EIB vice president and Njuguna Ndung’u, cabinet secretary, national treasury and economic planning signed the joint declaration on renewable clean hydrogen following discussions on green hydrogen investment with William Ruto, president of Kenya.
“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,” said Ndung’u.
“Kenya’s wind and solar power can be harnessed to produce green hydrogen and provide affordable power for economic development and industrial growth. 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.
The EIB expects to initially mobilise €1.8mn ($1.92mn) of grants from the European Union and to appraise possible loan financing for larger green hydrogen-related investments.
“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 Östros.
Over the last decade, the EIB has provided more than €5.3bn for energy investment across Africa, including €418mn for geothermal, wind and solar investment as well as grid investment in Kenya.
