The French government has set aside 60 million US dollars (Ksh 600 million) to finance various renewable energy projects in the country.
According to the French Ambassador to Kenya, Remi Marechaux, the fund will finance private investors in the energy sector through provision of concessional loans at an interest rate of 5 per cent.
Marechaux said 27 percent of the energy produced in the country is produced by the private sector and 75 percent of the power used being produced by renewable energy.
Speaking in Murang’a, the Ambassador said the project shall focus on investors seeking to harness the solar, hydro and wind energy.
He said that so far they have funded 11 projects in renewable energy in the country in the last four years with the KTDA being the biggest beneficiary for having three mega projects financed.
The fund is financing production of power ranging from one megawatt to three megawatts to a maximum cost of five million Euros depending on the size of the project.
The Ambassador further said that they have already signed a memorandum of understanding with Kenyatta University to establish a technical training centre that will educate people on renewable energy.
“France in Kenya has largely been involved in energy sector carrying out major projects such as Ol-Kalia geothermal, transmission lines, distribution of power and the last mile connectivity which has been financed to a tune of 170 million Euros,” remarked Marechaux.
He said they are going to tour various part of the country to identify potential areas where the projects can be established.
The Ambassador said the fund is in line with the declaration made by states during the global climate conference held in Paris last December to reduce global warming by 2 degree celcius.
“That ambitious declaration cannot be implemented if countries do not support projects dealing with renewable energy,” he said.
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