The Kenyan government will get 1.8 million euros (Sh244.2 million) from the European Investment Bank (EIB) for further loans to green hydrogen investors there.
The information was made public when EIB Vice President Thomas Östros and Treasury Cabinet Secretary Prof Njuguna Ndung’u issued a joint statement on renewable hydrogen.
The bank and President William Ruto previously spoke about green hydrogen.
If the storage technologies were similarly developed, Kenya would have some of the best renewable energy sources in the world. According to Prof. Ndung’u, green hydrogen might be developed throughout the road to storage to promote inclusive, sustainable growth.
According to Energy Cabinet Secretary Davis Chirchir, Kenya’s enormous potential for wind and solar energy, which is mostly untapped, can be used to make green hydrogen, which in turn would supply inexpensive power for the country’s industrial expansion.
According to Chirchir, the development of green hydrogen in Kenya could make it possible for all of the country’s energy requirements to be met by clean energy.
In both the public and private sectors, Östros stated that the European team will work to advance wind, solar, and geothermal-driven development.