- EIB to provide €80m for geothermal energy development in Africa.
- The bak has set aside €4.1 billion for clean energy financing globally.
Kenya is set to benefit from an €80 million ($94 million) funding opportunity for geothermal power production by the European Investment Bank (EIB), an investment unit of the European Union. The EIB recently approves the funding which targets private sector-led geothermal power projects in East Africa.
The financing is set to benefit geothermal projects in 18 countries across the East African Rift Valley region, including Ethiopia, Rwanda, Tanzania, Uganda, Mauritius, Mozambique, and Madagascar.
The EIB notes that eligible projects will include greenfield development and brownfield expansions with proven geothermal resources. “Investments in geothermal energy will help diversify baseload renewable electricity supply in the region and contribute to the reduction in greenhouse gas emissions compared to fossil-fuel based alternatives,” the EIB adds.
The EIB plans to invest €4.1 billion ($4.8 billion) globally to trigger private sector investment in clean energy development. The EIB has supported several projects in the region, including the Olkaria geothermal plants and the Lake Turkana Wind Farm. The EIB in 2020 provided €96 million ($113 million) in funding for three Kenyan projects in Kenya.