KENYA – Norwegian investment fund Norfund has committed its support to Kenya’s e-mobility sector with a contracted portfolio totaling US$307 million.
This commitment was highlighted during a visit by Norway’s Minister of Foreign Affairs, Espen Barth Eide, to BasiGo’s Buruburu charging and servicing depot, showcasing the strong partnerships between Kenya and Norway in sustainable development.
“Our visit to BasiGo is a testament to Norway’s commitment to supporting Kenya’s growth through strategic investments,” said Mr. Eide.
“We are excited about the future possibilities that our continued partnerships can bring to the region, especially in e-mobility.”
The transport sector is a significant contributor to carbon emissions, and transitioning to electric vehicles presents a sustainable solution to mitigate environmental degradation and address the adverse effects of climate change.
“Together, we are not only fostering economic growth but also ensuring that we contribute to a safer and more sustainable public transport system in Kenya,” said Jit Bhattacharya, CEO and Co-Founder of BasiGo.
Kenya holds the largest country exposure within Norfund’s portfolio and plays a crucial role in its development mandate.
Since its inception, Norfund has been a critical investor in Novastar’s funds and has committed US$18 million (KES3.2 billion) to the new fund launching in 2024 across Novastar’s three funds.
“Trade between Norway and Kenya increased by 30% between 2021 and 2022, with the balance of trade in Kenya’s favor. About 45 Norwegian companies operate here, dealing with fertilizers and agritech, ICT, startups in various sectors, and renewable energy,” added Mr. Eide.
In February, Norfund teamed up with Westgass and IPS to drive green hydrogen fertilizer investment in Uganda, targeting 200,000 tonnes annually for enhanced food security and reduced emissions.
This collaboration harnesses Uganda’s abundant renewable energy resources for sustainable development.
The project, co-financed by Norfund and the Norwegian Agency for Development Cooperation (Norad), aims to produce 200,000 tons of fertilizer annually.
The partners will utilize a local hydropower plant to supply 100 MW of renewable energy for electrolysis, generating green hydrogen.
This hydrogen is then combined with nitrogen, produced via an air separation unit, to yield green ammonia.
Subsequently, this is processed with dolomite or phosphates to create calcium ammonium nitrate (CAN) and various nitrogen, phosphorus, and potassium (NPK) fertilizers, aligning with regional agricultural needs.
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