President William Ruto’s ambitious lobbying at COP27 has started to bear fruits after a British company secured Ksh. 8.89 billion to construct a 35-megawatt power plant in Menengai.
Globeleq, a London-based power generation company, said it entered into a partnership with the African Development Bank (AfDB), Finnfund and the Eastern and Southern African Trade and Development Bank (TDB) to help fund the project.
The company’s CEO, Mike Scholey, said that the move is a great milestone for them with the firm’s objective of producing clean energy.
Read: List Of Multi-Billion Investments Kenya Bagged At COP27
“As an active participant in the Kenyan energy sector for many years, the Menengai geothermal project is our first geothermal project. It fully aligns with our focus on quality investments which utilize renewable energy sources to create clean, reliable and cost-effective energy for the country and be an active part of the solution to the climate crisis.”
The completion of the project, which is estimated in 2025, is expected to bolster the country’s effort to increase the usage of clean energy.
During the COP27 held in Egypt in 2022, President Ruto entered into an agreement with the British government to have the country invest more than Ksh.500 billion in renewable energy.
The president also banked on the African Development Bank to help fund mega clean energy projects in the country.
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