Aquilastor Corporate Investment Company plans to spend Ksh 19.4 billion ($150m) towards construction of an electric vehicle assembly plant at the vast Olkaria green energy park in Naivasha.
The Dubai-based investment firm says once complete the plant will produce at least 50,000 units of electric and hybrid vehicles annually.
Speaking during groundbreaking ceremony at the park, group chairman Abdulatif Alsayegh said the firm is looking to capitalize on the clean, reliable and affordable power available at the park in establishing the plant which will also see creation of new jobs.
“We are committed to this project which will revolutionise the electric vehicles sector and help create over 3,000 jobs directly for Kenyans,” he said.
KenGen Chairman Alfred Agoi said that seven investors had shown interest in the industrial park which had since been turned into a special economic zone.
He identified affordable and reliable power as one of the main incentives for investors adding that the power generation company was targeting over 30 more investors.
Ago said that Kengen was committed to pumping more green energy into the national grid and pointed to geothermal wells in Olkaria as capable of this.
“We have embarked on several projects to increase power generation mainly from geothermal as we embark on infrastructural development around the industrial park,” he said.
On his part, director of commercial services Kibet Rono said KenGen had set aside over 8,000 acres for the green energy park.
He said investors would get power at lower tariffs compared to investors and companies working away from the geothermal rich area of Olkaria.
Kibet noted that the provision of geothermal power to major assembly plants in the park would reduce carbon emissions which is a major concern for many countries.
“One of the main concerns for investors is a source of reliable and affordable power and at Olkaria this is guaranteed throughout the year,” he said.
