UK High Commissioner, Nic Hailey and Cabinet Secretary of Treasury Hon. Henry Rotich today (17 May) signed a Memorandum of Understanding (MoU) to deepen cooperation between the UK and Kenya governments on renewable energy.
The MoU, signed at Treasury, will promote opportunities for private sector trade and investment by the UK in Kenya’s renewable energy sector.
“The UK and Kenya are leaders in renewable energy, clean technology and innovation. Kenya has one of the most active renewable energy sectors in Africa, and the UK is a global leader in many of the sectors for which Kenya has greatest demand.
“This MoU brings UK expertise, development and export credit financing together with the aim of bringing clean, renewable energy to the Kenyan people and accelerating Kenya’s development and economic growth. UK firms are excited about the opportunities in Kenya and I’m confident this new MoU will lead to significant increases in UK investment in Kenya’s renewable energy.”
– British High Commissioner to Kenya, Nic Hailey
As part of the MoU, UK Export Finance (UKEF) has also affirmed its interest in considering requests for export financing or insurance for eligible renewable energy projects in Kenya, drawing on a risk appetite of up to at least £250m (approx. Ksh 36 billion).
UK Export Finance (UKEF)
UK Export Finance is the UK’s export credit agency which exists to ensure that no viable UK export should fail for want of finance or insurance by complementing the private market with insurance for exporters, loan guarantees to banks, and support for and provision of loans to overseas buyers of UK goods and services.
Sectors in which UKEF has supported exports include: aerospace, construction, oil and gas, mining and metals, petrochemicals, telecommunications, and transport.