Bank strengthens green hydrogen cooperation in Kenya

The European Investment Bank will strengthen support for green hydrogen investment in Kenya.
Thomas Östros, European investment bank vice-president and Professor Njuguna Ndung’u, Cabinet Secretary, National Treasury and Economic Planning signed the Joint Declaration on Renewable Clean Hydrogen followings discussions on green hydrogen investment with William Ruto, president of the Republic 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.
“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,” said Professor Ndung’u, Cabinet Secretary, National Treasury and Economic Planning.
“The Joint Declaration between Kenya and the European Investment Bank will improve understanding of how best to identify, structure, unlock and implement green hydrogen investment. 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 new agreement will strengthen cooperation to support the development of green hydrogen schemes in Kenya.
The EIB expects to initially mobilise €1.8 million of grants from the European Union and to appraise possible loan financing for larger green hydrogen related investment.
Over the last decade the European Investment Bank has provided more than €5.3 billion for energy investment across Africa, including EUR 418 million for geothermal, wind and solar investment as well as grid investment in Kenya.