The price of electricity may fall in the years to come if foreign institutions continue to invest in Kenya’s energy sector. The country is set to benefit from a KES2.6 billion investment from the US government. Officials from President Obama’s administration arrived in the country yesterday as part of a strategy to boost trade and improve the state of security in the African region. Led by US Security Advisor for International Economics, Michael Froman, the team unveiled plans to promote the production of clean energy in Kenya. This is part of the country’s initiative in a bid to put Kenya on the fast track to development.
Speaking at the American Chamber of Commerce in Kenya, Foreman said that international company’s investors are making East and Sub-Saharan Africa a priority. The team also took a brief tour of Kenya’s Olkaria power plant, which has been one of the country’s leading benefactors in terms of foreign investment.
Last year, the power plant got a KES7.4 billion boost from KfW, a government-owned German Development bank. KenGen CEO, Eddy Njoroge told the media that clean energy will reduce pollution and lower the cost of production. Denmark joined the frey earlier this month when their Investment Minister said that the country plans to contribute to Kenya’s wind energy initiative.