Kenya has signed an agreement with Fortescue Future Industries (FFI), an Australian green energy company, to progress towards developing a major green energy and fertiliser project together.
The purpose of this agreement is to expedite the Framework Agreement, which was signed during COP27, for the possible construction of a green ammonia and fertilizer facility with a 300MW capacity in the Olkaria geothermal field area near Naivasha.
The parties also agreed to supply green electricity to the nation’s grid as part of the project’s scope.
The agreement sets out a commercial framework, including government support, for executing the project.
President Ruto expressed that the agreement is a significant step in reducing greenhouse gas emissions and in pursuit of a green growth agenda. He further explained that the government is committed to increasing geothermal resource development, lowering renewable energy costs, and achieving 100% clean energy generation by 2030.
This partnership sets Kenya on a path to industrial decarbonisation and we are determined to be with the people of Kenya on that journey, every step of the way.
President William Ruto
Linda Gillard, Australia’s Chargé d’affaires a.i. to Kenya, expressed her support for the Investment Support and Implementation Agreement signed, stating that it is a significant contribution to Australia’s long-term engagement with Kenya and the region.
Additionally, she praised the agreement as a ground-breaking partnership that provides a high-quality blueprint for others to follow.
The agreement itself further solidifies FFI’s dedication to expediting its engineering and environmental studies, as well as early procurement for the development of the industrial facilities.
Furthermore, the Kenyan Government has affirmed its commitment to supporting the promotion, facilitation, and protection of FFI’s investment.
Read Also: European Union Signs $27 Million Funding to Boost Kenya’s Exports
