The UK-Kenya Strategic Partnership is an ambitious five-year agreement that aims to unlock benefits for both countries.
The UK Government will commit KES2bn to a new guarantee company that will lower investment risk and unlock KES12bn of climate finance for Kenyan projects over the next 3 years, through collaboration with CPF Financial Services and other private investors.
The investment guarantee was agreed by President Ruto of Kenya and Prime Minister Sunak of the United Kingdom at COP27.
The Malindi Solar Expansion will receive an additional KES7.5bn investment. Plans at the 40MW solar plant, constructed by UK company Globeleq with finance from British International Investment, which was connected to the grid in December 2021, will double the size of Malindi Solar and add battery storage.
The new clean energy investments will be the flagship projects of the UK-Kenya Strategic Partnership, a five-year mutually beneficial agreement between the two countries. The UK Government will commit KES 2 billion (approx. USD 16.4 million) to a new guarantee company that will lower investment risk and unlock KES 12 billion (approx. USD 98.6 million) of climate finance for Kenyan projects over the next three years.