Money Markets

Four Kenyan firms picked for Sh1.3bn green energy fund

Four Kenyan companies are amongst 13 firms that will receive Sh1.3 billion for green energy enterprises in the agricultural sector.

Green energy firms SunCulture — the largest recipient — FuturePump, Ariya Capital Group Limited and KickStart International will benefit from the Powering Agriculture: An Energy Grand Challenge for Development (PAEGC) programme.

The PAEGC funds startups and other firms supplying clean energy used to increase farm yields or for value addition.

“The 13 projects come from nine countries, and seven are Africa-focused. The funding was divided among them, with Kenya’s SunCulture receiving the largest grant at $2 million (Sh204 million),” said Power Agriculture.

SunCulture distributes solar-powered irrigation systems in Kenya, Tanzania, Uganda, and Zambia.

The programme is funded by the United States Agency for International Development, Government of Sweden, the Government of Germany, Duke Energy Corporation and the United States Overseas Private Investment Corporation.

Supplying power to the agricultural sector has been one of the priorities of the Jubilee administration.

The government has in the past said the country plans to add an additional 5,000 megawatts of power by 2017, partly meant to support value addition in the agricultural sector.