Kenya to receive US $232m investment for wind power project
Kenya’s President Uhuru Kenyatta signed a US $232m deal with two US companies; the US Overseas Private Investment Corporation (OPIC) and Kipeto Wind Energy Company that will see the construction of and operation of 100MW grid connected wind power plant.
According to President Kenyatta, the plant which is will be located south of Nairobi will provide a more reliable source of energy to the national grid and support the US Power Africa Initiative to double the number of people in Sub-Saharan Africa with access to electric power.
“This has presented major opportunities for local and foreign investors in areas such as agro-processing, textiles and leather, the maritime sector, construction, iron and steel, and oil and gas,” the Head of State informed the meeting that was attended by US Commerce Secretary Wilbur Ross and over 20 top executives of leading American companies.
Appeal for more investors
The president said Kenya intends to increase the sector’s contribution from 8.4 percent to 15 percent by 2022. He further assured the US business executives of his administration’s commitment to remove any hurdle that could impede their operations in Kenya.
“Kenya is open for business and all we want to do is package our partnership in a way that is mutually beneficial to you as a private sector and the people of Kenya,” President Kenyatta said.
Big Four agenda
President Kenyatta also invited more US investors to set shop in Kenya to benefit from the opportunities created by the Big Four development blueprint projects. He added that the Big Four agenda projects which is pegged on boosting manufacturing to create jobs, food security, provision of affordable housing and universal healthcare coverage, present major opportunities for local and foreign investors.
“Given our long and well-established relationship, we can do more together and I invite the US companies to walk with us on the ‘Big Four’ journey,” said the President.
Additionally US committed another US $5m financial deal to expand the distribution of network of Twiga Foods and improve food security and agricultural wages in Kenya.