Energy deals worth Sh38.7bn pledged during President Kenyatta’s UK visit

May 12, 2017
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Two UK firms announced investment plans in Kenya’s energy sector worth Sh36 billion while one Kenyan firm plans to invest Sh2.5 billion/FILE

, LONDON, United Kingdom, May 12 – About Sh38.7 billion of investment in energy projects in Kenya was pledged during President Uhuru Kenyatta’s visit to the United Kingdom.

Two UK firms announced investment plans in Kenya’s energy sector worth Sh36 billion while one Kenyan firm plans to invest Sh2.5 billion.

The firms include Equinox Energy Capital which says that it is near financial closure of its Sh25 billion 35 megawatt Homa Bay hyacinth-to-energy plant.

“We are making progress on our Homa Bay plant and are nearing launch. We would request you to come to Homa Bay for this event,” Lord Barker, a UK peer and representative of Equinox Energy Capital told President Kenyatta in London.

The Equinox Energy Capital announcement was the biggest investment unveiled when President Kenyatta met British investors under the umbrella East African Association in London late on Thursday.

On the other hand, Lord Pollock, another UK peer, said the consortium he represented was ready to move on its Sh10 billion Kipeto Energy Investment, and only a few details remained, including issuance of a standard letter of support from the government.

Another major announcement came from Nadeem Ahmed, Chief Executive Officer of tea firm Kericho Gold, who said he had Sh2.5 billion ready for new investment in a value-adding plant on a 25-acre plot in Miritini, Mombasa County, which was likely to employ up to 10,000 youth.

The peers and other business executives drawn from companies with interest in East Africa were speaking at a forum convened by President Kenyatta to hear investor plans, fears and challenges.

The President already holds similar forums back home with the business umbrella group Kenya Private Sector Alliance.

The President was in London for a conference on Somalia, and to meet UK Government and business leaders.

At the heart of his agenda is jobs for Kenya’s youth.

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