A project constructing 10,000 environmentally friendly new homes in Kenya has received GBP 30 million in backing from UK Climate Investments.
An investor partly owned by the government of the United Kingdom, has committed up to GBP 30 million to a project aiming to construct affordable green housing in Kenya.
The project will be worth between USD 80 million and USD 250 million overall and aims to build 10,000 new homes in Kenya, with built-in energy and water efficiency.
The GBP 30 million has come from UK Climate Investments (UKCI), a green investor owned jointly by the UK government and the Green Investment Group, an Edinburgh-headquartered specialist investor, originally set up by the government and now owned by Macquarie Group.
UKCI said it hoped to “embed green standards in the Kenyan market” by supporting the project and encouraging local investors to back green assets.
“As Kenya’s urban population grows, the need for new affordable housing has never been greater,” said UKCI managing director Richard Abel, in a statement.
He continued: “The commitment we have announced today represents an exciting opportunity to help address this challenge – financing the construction of new affordable homes whilst showcasing how more sustainable building design can help tackle the effects of climate change.”
UK High Commissioner to Kenya, Jane Marriott commented that the investment represented a commitment by the UK and Kenya “to tackle the pressing challenges of climate change and affordable housing”.
“UK Climate Investment’s GBP 30 million anchor investment will help build affordable, climate-friendly homes and promote green building standards in Kenya,” she added.
In January last year, UKCI made a joint ZAR 1 billion (GBP 52 million) investment in a renewable energy investment vehicle operating in South Africa and across Sub-Saharan Africa, while in August it made a GBP 14 million investment in a hydroelectric and wind power company in South Africa.
Source: .africanlawbusiness
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