IFC and Italian Climate Fund invest $210M in Eni’s Kenyan subsidiary for biofuels

In Italy, IFC the (International Finance Corporation) and the Italian Climate Fund announced a $210 million investment in Eni S.p.A.’s Kenya subsidiary to expand the production and processing of advanced biofuels, supporting the decarbonization of the global transport industry and the livelihoods of up to 200,000 small-scale Kenyan oilseed farmers.

The investment consists of $135 million from IFC and $75 million mobilized from the Italian Climate Fund, as part of the implementation of the Italian Government’s Mattei Plan in Kenya. It will help Eni increase both the production of advanced biofuel feedstock grown in Kenya and processing capacity through the construction of new processing plants. Production of oilseeds, which is the primary feedstock, is expected to increase from 44,000 tons to 500,000 tons per year.

The project will also work with farmers, providing inputs, mechanization, logistics, certification, and training to help them produce oilseeds, which are grown on degraded land not suitable for food production and/or grown in rotation with food crops, helping enhance soil fertility.