Ruto Secures KSh 500 Billion to Fast-Track Green Investment Projects

President William Ruto and the new UK Prime Minister Rishi Sunak met during the UN Climate Change Conference (COP27) in Egypt on Monday, November 7.

During their meeting, the two leaders agreed to continue with the KSh 500 billion British investment projects in Kenya.

The projects are spread across the green energy, agriculture and transport sectors.

The projects which are set to be fast-tracked following the deals are;

United Green – The KSh 31 billion climate-smart crop and agro-industrial processing system will be set up via a joint venture with Kisumu County.

The project is expected to create at least 2,000 job opportunities and provide an income for 20,000 farmers across the Lake Victoria Region.

Grand High Falls Dam – This KSh 25 billion project is a Public Private Partnership investment which will be set up on the Tana River.

The project will generate 1,000MW of hydroelectric energy capacity; including both a Power Purchase Agreement for clean energy and a Water Purchase Agreement for agricultural irrigation for 400,000 hectares of farmland.

Malindi Solar Expansion – The project valued at KSh 7.5 billion is a 40MW solar plant which was connected to the grid in December 2021.

The new plan is to double the size of Malindi Solar and add battery storage – an additional KSh 7.5 billion investment.

This will make a total of over KSh 15 billion.

Nairobi Railway City – The KSh 5 billion project is a green regeneration of central Nairobi aimed at incorporating latest innovations in green building technology and planning.

Menengai Geothermal – This 35MW geothermal project led by GDC and Globeleq was valued at KSh 2.5 billion.

The project has a signed and effective Power Purchase Agreement with KPLC that confirms one of the cheapest tariffs for baseload renewable power.

In other news, Australian billionaire Andrew Forrest’s Fortescue Future Industries is set to build a 300-megawatt (MW) green ammonia and green fertilizer plant in Kenya by 2025.

Speaking during the UN Climate Change Conference (COP27) in Egypt, President William Ruto said the fertilizer plant will be built under a partnership agreement between the Kenyan government and Fortescue.

The Head of State noted that the new development is part of his efforts to boost food production and combat food insecurity in the region.

The partnership was signed in Sharm El-Sheikh, Egypt; Forrest was present at the signing of the deal.

“The shift will help reduce our reliance on imports, reduce fertilizer costs, boost food production, and ultimately mitigate the risks posed by food insecurity,” Ruto said.