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New Product
and in the Bujagali hydropower nation enjoys some of the longest reliable energy. He added “This   47
project in Uganda. hours of full sunshine in the world, conference is in tune to make
far greater in intensity, and thus Kenya achieves this sustainable
Speaking at the same power generation capacity, than energy ambitionâ€. The PS noted
event, Barclay’s Bank of Kenya in countries such as Germany, that Kenya requires a robust
Chief Executive Officer, Jeremy the world leader in solar energy transmission network to distribute
Awori said that their expertise production. power to all Kenyans.
in investment financing and
knowledge of the energy sector In addition, the country is He said that the government
and its technologies position us to unusually well positioned with was in the process of establishing
take advantage of falling renewable regards to its geothermal potential, industrial parks and factories
energy costs by partnering with estimated at up to 10,000MW. to be set closer to them to cut
the right investors to help Kenya Already, the government’s move transmission costs. The parks
achieve the government’s 5000MW to install 579 MW of geothermal will be set up in Mombasa, Taita
plan by 2017. energy has seen Kenya ranked as Taveta, Nairobi, Naivasha and
the world’s eighth largest producer Nakuru. Njoroge concluded by
“With the power of our of geothermal energy in the world. saying that the existing Private
more that 20-year legacy in The potential for hydro-electric, Public Partnership has provided an
this specialism, including wind and biogas power is also far enabling environment for investors
our comprehensive platform greater than our current uptake. in the country and this will be an
of existing partnerships, advantage for all investors with the
we continue to develop key Electricity demand has risen ministry still committed to 5000MW
alliances with a view to structure from 899 MW in 2004/2005 to plan by 2017 to ensure adequate
additional investments for local 1569 MW in October 2015, yet reliable and sustainable energy
developers.We are currently millions remain without access to sources for Kenyans.
working on a partnership power. Power consumption is set
with Eiser Infrastructure, an to surge further with the building Among the energy projects
independent equity fund of industrial parks, resort cities, an that have seen UK funding and
headquartered in London which iron and steel smelting industry, expertise as well as those in the
will link local developers with railways, and new transport pipeline include the Lake Turkana
international investors.†corridors. Wind project, Naivasha Biogas
project, Kisumu biomas project still
Kenya still has a low He added that “Our expertise at the initial stages, Thika Power
electrification rate by development in investment financing and and the Rabai Power project.
standards, meaning that more knowledge of the energy sector
power projects must be developed and its technologies position us to The event came barely a week
in order to meet demand, achieve take advantage of falling renewable after the French embassy hosted
the Government of Kenya’s targets, energy costs by partnering with investors in the renewable sector
and deliver accessible pricing. the right investors to help Kenya in Nairobi to expose them to
Continent-wide, Africa continues achieve the government’s 5000MW opportunities in the country.
to have some of the world’s lowest plan by 2017.â€
electrification rates: with more than Meanwhile, BBK has launched
620 million people lacking access Barclays Africa Group Limited their stock broking subsidiary
to power in Sub Saharan Africa. has been a leading enabler in Barclays Financial Services
With national grid connectivity the development of non-hydro Limited (BFSL). BFSL was guided
currently at below 60 percent, renewables such as solar, wind by offering new investment
Kenya’s need for power still and biomass across Africa. opportunities that will facilitate
exceeds available supply. Locally, Barclays has invested high returns across the cycle of
Sh13.4 billion to increase the business growth and business
Kenya’s energy access capacity of the Thika Power plant slowdown.
challenges extend to the by 60 MW, and is working on
continent as a whole. Africa is the Rabai project. The bank has The new brokerage will be
vast and sparsely populated. As a also arranged financing for Kenya offering customers access to
consequence, most of the citizens Power and Kengen, some of a key research portal: Barclays
lack access to power partly due to which included renewable energy Live, providing world class global
the prohibitive cost of extending projects. research, indices, data and
power transmission lines over large analytical tools. This is in addition
distances. Principal Secretary in the to sector-based research, across
Ministry of Energy and Petroleum, agriculture, business services,
Kenya’s abundant renewable Eng. Joseph Njoroge said that commodities, financial institutions,
energy potential is poised to play a making Kenya a middle class global development organisations,
pivotal role in fortifying the supply economy and an industrialized healthcare manufacturing,
side of the energy equation. Our nation, relies heavily on good and transport and logistics.
Commerce & Industry November Issue 2016
