New funding solution for renewable energy investors in Kenya
Speaking during the launch of the EEP-S&EA in Nairobi, Assistant Minister for Energy, Mohammed Mahmoud, said the steering committee of the EEP-SE&A has approved three projects to be undertaken in Kenya at a cost €337,450.
Petri Wanner, a representative from the Ministry of Foreign Affairs of Finland, said the EEP-SE&A has received 120 development proposals for funding from Kenyan investors, adding that they expect more submissions in the second call of proposals in September this year.
The EEP-S&EA is funded by the Government of Finland at a tune of €8.5 million and received an additional €1 million from the Austrian Development Agency (ADA) which has joined the programme.
The Ambassador of Finland, Heli Sirve, said the financing of investment and feasibility studies on renewable energy will promote energy efficiency and the process of climate change mitigation.
“It is inevitable that energy consumption will increase across the world especially in developing and emerging economies. This presents a challenge not to rely on traditional energy sources and invest in renewable energy which is advantageous since it can be produced on a small and medium scale, [which can be utilised] in villages and rural areas,” Sirve said.
Mahmoud said investment in renewable energy will also boost economic development by creating employment, provide more people with access to energy and prevent further environmental degradation.