EIB, Kenya to cooperate on green hydrogen

The European Investment Bank (EIB) today said it is strengthening its cooperation with Kenya to support the development of green hydrogen projects in the African country.

After discussions with Kenya’s president William Ruto, EIB vice president Thomas Ostros and Kenya’s finance minister Njuguna Ndung’u signed a Joint Declaration on Renewable Clean Hydrogen.

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The European lender plans to initially mobilise EUR 1.8 million (USD 1.9m) of EU grants and to appraise potential loan financing for larger investment related to green hydrogen.

Energy minister Davis Chirchir said the declaration “will improve understanding of how best to identify, structure, unlock and implement green hydrogen investment.”

“Our energy and finance experts at the EIB Regional Hub in Nairobi and at headquarters will work closely with Kenyan partners to identify and develop new renewable energy projects and unlock construction of hydrogen production infrastructure,” added Thomas Ostros.

The EIB said it has provided EUR 418 million for geothermal, wind, solar and grid investment in Kenya over the past decade.

(EUR 1 = USD 1.068)