Kenya and UK sign cooperation agreement on renewable energy
A newly signed cooperation agreement between the UK and Kenya, will support British companies engaging and supporting the ambitious renewable energy development in Kenya.
Reported by the Uk Government, a Memorandum of Understanding (MoU) to deepen cooperation between the UK and Kenya governments on renewable energy was signed last week. The document was signed on behalf of the respective Governments by British High Commissioner Nic Hailey and Cabinet Secretary of Treasury Hon. Henry Rotich.
The MoU will promote opportunities for private sector trade and investment by the UK in Kenya’s renewable energy sector. As part of the MoU, UK Export Finance (UKEF) has also affirmed its interest in considering requests for export financing or insurance for eligible renewable energy projects in Kenya, drawing on a risk appetite of up to at least £250m (approx. Ksh 36b or $357m).
Speaking following the signature at Treasury, the British High Commissioner to Kenya, Nic Hailey said: “The UK and Kenya are leaders in renewable energy, clean technology and innovation. Kenya has one of the most active renewable energy sectors in Africa, and the UK is a global leader in many of the sectors for which Kenya has greatest demand.
This MoU brings UK expertise, development and export credit financing together with the aim of bringing clean, renewable energy to the Kenyan people and accelerating Kenya’s development and economic growth. UK firms are excited about the opportunities in Kenya and I’m confident this new MoU will lead to significant increases in UK investment in Kenya’s renewable energy”.
This agreement has positive implications for engagement and involvement of British companies helping Kenya to reach its ambitious renewable energy targets, including geothermal.
Source: UK Government