Kenya Signs Deals Worth $4.48 Billion to Develop Green Projects

(Bloomberg) -- Kenya signed deals for seven green projects on the sidelines of the COP28 summit, include geothermal generation plants, fertilizer production and a data center powered by renewable energy, according to an emailed statement.

Kenyan President William Ruto is pushing for Africa to become a “green powerhouse.” Kenya generates 92% of its electricity from renewables including geothermal, hydro and wind. The nation also has a target to grow 15 billion trees and rehabilitate 10,000 wetlands with an eye on nature swaps. 

Deals signed:

• $1.5 billion green fertilizer project with Fortescue Future Industries
• $1 billion geothermal project at Suswa with the Indonesian government, through Masdar-backed Pertamina Geothermal Energy
• AMEA Power of the UAE and Gothermal Development Co. of Kenya to invest $800 million in the 200MW Paka Geothermal Project
• $600 million data center at Olkaria powered by green geothermal energy in partnership with EcoCloud
• United Green and Kenya Development Corp. to implement a $270 million sustainable agricultural project on 15,000 hectares in the lake basin region
• $200 million Clean Energy Supply Chain(CESC) initiative
• $110 million geothermal project for 35MW with Globeleq at Menengai
• Earlier: Kenya to Consider Sovereign Green Bonds to Fund Climate Projects

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