Kenya 'in need of investment' for renewable energies

01/04/2011 - Kenya property & investment news Posted by Bob Brunskill
Kenya 'in need of investment' for renewable energies

Kenya's renewable energy sector is "more enlightened" than those of other developing countries but further investment is required to support the industry.

This is the view of Ajay Narayanan, head of climate financial unit at the International Finance Corporation.

Mr Narayanan added that commercial banks in Kenya are still behaving in an overly conservative manner when it comes to issuing loans to the private sector for renewable energy and climate change projects, All Africa reported.

Over the last three years the European Investment Bank lent over 21.29 billion shillings for large scale geothermal generation and transmission projects in the public sector.

But the bank and the IFC are currently assessing the situation further to determine the size of the fund required to support renewable development in Kenya.

Meanwhile, Peter Odhengo of the Green Energy Secretariat, said: "Government has revised most of the green energy policies and fast tracked licensing of projects, other policies that are in conflict are being harmonised, a clear set of regulations will enlighten financiers."ADNFCR-2019-ID-800485128-ADNFCR