Kenya has been ranked as one of the fastest growing markets for renewable energy in a report by consultancy Ernst & Young (EY).
EY’s latest Renewable Energy Country Attractiveness Index (RECAI) has placed Kenya in the “Rising Star” category which is made up of promising growth markets.
“Growth markets showing no signs of slowing down and continuing to offer far-reaching energy investment opportunities,” says EY when describing the Rising Star category.
Brazil, Mexico, South Africa, the US, Egypt, Chile, India, Morocco, Philippines, South Africa and Turkey are other countries that have been included in the category.
Clean power sources such as wind, solar and geothermal are areas where energy companies are actively looking at investing. WindSim Sub-Saharan Africa, a pan- African energy firm, says it has begun looking for potential investments locally.
“We set out in 2015 to establish ourselves in the South African market and the aim is to expand into the other sub-Saharan Africa countries during 2016. We are currently planning two trips to Kenya for 2016. One in the second quarter to investigate the Kenyan market and meet potential clients.
We are also planning another visit later this year which would include a seminar and training on our products,” WindSim chief executive Dirk Muller told the Business Daily.
US energy firm Ormat Technologies recently commissioned a 29 megawatts (MW) unit within the Olkaria III complex.
The Lake Turkana Wind Project, which will begin adding some 310MW from 2017, and the 100 MW Kipeto Wind Project are other renewable power plants that are coming up.