During the COP27 climate summit, UK Prime Minister Rishi Sunak and Kenyan President H.E. William Ruto agreed to fast-track six green investment projects worth KES 500 billion, including the Grand High Falls Dam project.
The leaders agreed on the six projects which span green energy, agriculture and transport to accelerate the flow of climate finance into Kenya. These investments will become flagship projects of the UK-Kenya Strategic Partnership – an ambitious five-year agreement that is unlocking mutual benefits for the UK and Kenya.
Grand High Falls includes a KES 425 investment. It will be a Public Private Partnership on the Tana River that will generate 1,000MW of hydroelectric energy capacity and irrigation for 400,000 hectares of farmland. Led by UK engineering firm GBM, the project is envisaged to include both a Power Purchase Agreement for clean energy and a Water Purchase Agreement for agricultural irrigation.
The other projects are: new geothermal and solar energy generation at Menegai and Malindi; the green regeneration of central Nairobi anchored around a new central rail station; and a Ksh 32 billion investment in a climate-resilient agriculture hub for the Lake Victoria region in Kisumu that will create 2,000 direct jobs and provide an income for a further 20,000 farmers.
The UK Government will commit KES 2 billion to a new guarantee company that will lower investment risk and unlock KES 12 bn of climate finance for Kenyan projects over the next 3 years, through collaboration with CPF Financial Services and other private investors.
The UK Prime Minister praised President Ruto’s pioneering climate leadership and urged Kenya to continue along the path of green growth, urging all countries to deliver on the commitments made at COP26 in Glasgow.
Image: Kenyan President H.E. William Ruto and UK Prime Minister Rishi Sunak meet at the COP27 climate summit in Sharm-el-Sheik, Egypt.
