This archive report was first published on 29 June 2021.
On June 29, 2021, the European Investment Bank (EIB) announced a $95 million (KSh10.2 billion) investment in geothermal power projects across East Africa.
The EIB aims to reduce greenhouse gas emissions in the region through its investment in renewable energy, increase sustainable and reliable energy supply, and boost energy efficiency in businesses, schools, and hospitals.
KenGen, a leading geothermal energy player in East Africa, is expected to benefit significantly from the EIB investment. The company has earned KSh2.6 billion from commercial innovation initiatives over the last nine years.
The EIB, owned by EU member states, is one of the largest multilateral development banks in the world, with over €55.6 billion in loans to public and private entities globally.
As part of its commitment to global challenges, the EIB has previously invested in various sectors, including renewable energy and energy efficiency projects. In 2019, it announced a €1.5 billion investment to support such projects worldwide.
