Investment in Kenya to boost energy firms

03/05/2011 - Kenya property & investment news Posted by Neil King
Investment in Kenya to boost energy firms

Kenyan energy firms are due to receive a boost after the establishment of a new fund.Firms looking to finance renewable energy projects will be able to benefit from the investment, which aims to allow manufacturers easier access to cash.Xinhua news agency announced that the money is being loaned under a project known as a regional technical assistance programme.The Kenya Association of Manufacturers (KAM) and the Agence Francaise de Developpement have established the deal, which is reported to be worth about $3.8 million (£2.3 million) in two years.Sylvester Makaka, the energy advisor at KAM, commented: "So far, KAM has been able to successfully conclude energy audits for 100 companies and we have found that those who have implemented efficiency measures recoup their investments in one year."The extra funding is expected to be in demand as Kenyan companies are aiming to save at least 30 per cent of their energy usage through the development of new renewable energy projects.Upgrading of existing infrastructure is also expected to play a role.