Kenya, EIB partner on renewable energy for green hydrogen scheme

Kenya has announced a partnership agreement with the European Investment Bank (EIB) on renewable energy that will strengthen the development of green hydrogen schemes in Kenya.

The partnership deal was sealed 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.

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Vast renewable energy sources

The deal will see EIB to initially mobilize almost US $2M of grants from the European Union and to appraise possible loan financing for larger green hydrogen-related investments. According to Ndung’u, the country has vast renewable energy sources and the route to storage has the potential to develop green hydrogen to deliver sustainable, green and inclusive growth.

“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,” Ndung’u.

“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,” Östros said.