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Government of Kenya

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Kenya and African trade body sign deal to boost renewable energy roll out

Kenya and the African Trade and Investment Development Insurance (ATIDI), a risk-mitigation institution of African countries, on Friday signed a memorandum of understanding on jointly identifying, developing and implementing renewable energy projects across Kenya. Under the agreement, independent power producers in Kenya who sell their electricity to state-owned power utilities will receive financial guarantees, said Manuel Moses, chief executive officer of ATIDI. “These guarantees will send out a positive message to project developers, lenders and other prospective stakeholders looking to invest in Kenya’s energy sector,” Moses said in a statement released in Nairobi, the capital of Kenya. According to the Energy and Petroleum Regulatory Authority, Kenya has an installed electricity capacity of about 3,000 MW, with 86 percent coming from renewable sources. The ATIDI will issue insurance policies backed by cash collateral to independent power producers or private transmission companies for a maximum tenure of up to 15 years, Moses said. With the agreement in place, he said, the ATIDI will engage with independent power producers in Kenya with the expectation that additional hydro, geothermal, solar, and wind projects will be implemented. Davis Chirchir, cabinet secretary of the Ministry of Energy and Petroleum, said the collaboration between the ATIDI and Kenya will boost the supply of renewable energy in the country by protecting independent power producers against the risk of delayed payments by state-owned utilities. Njuguna Ndung’u, cabinet secretary of the National Treasury, said Kenya is keen to encourage private sector participation in the development of renewable energy power plants and transmission infrastructure. He said the agreement is expected to enable more green energy projects to advance while reducing the need for government-backed credit enhancement tools. https://www.capitalfm.co.ke/business/2024/03/kenya-african-trade-body-agree-to-boost-rollout-of-renewable-energy-projects/?utm_source=dlvr.it&utm_medium=twitter&utm_campaign=kenya-african-trade-body-agree-to-boost-rollout-of-renewable-energy-projects

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  • We Don't Have Time

    5 w

    Dear Kevin Your climate love has received over 50 agrees! We have reached out to Government of Kenya by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time

    1
    • walter lungayi

      6 w

      This deal between Kenya and the African trade body is a positive step towards boosting renewable energy deployment in the region, which will contribute to sustainable development and environmental conservation.

      4
      • Kevin

        6 w

        @walter_lungayi Truer words have never been spoken Its great work

        1
      • Elizabeth Gathigia

        6 w

        Very good news, pushing for renewable energy will surely save us big

        5
        • George Kariuki

          6 w

          This is fantastic news for Kenya and Africa as a whole! It sets a positive example for other African nations to follow. Let's keep pushing for a greener future! #ClimateAction

          4
          • Princess

            6 w

            The deal between Kenya and the African trade body to boost renewable energy is awesome. Well done to everyone involved!

            8
          • Chris Ndungu

            6 w

            Thanks to Kenya for this dedication of renewable energy which is a marvelous move. It will help to reach the demands of the climate.

            8
            • Kevin

              6 w

              @chris_ndungu Very admirable efforts they have put in

              1
            • Felix mokaya

              6 w

              Such a great move .Happy to see Kenya's dedication to renewable energy which is really a positive move .ATIDI take on giving financial guarantees to independent power producers in Kenya who sell their electricity to state-owned power utilities is such a commendable move .

              6
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