JUST IN: Econet Group’s energy unit enters Kenya market

26 Feb, 2021 - 14:02 0 Views
JUST IN: Econet Group’s energy unit enters Kenya market Mr Norman Moyo, Econet Energy Chief Executive Officer

The Chronicle

Business Reporter

ECONET Global Limited’s subsidiary, Distributed Power Africa (DPA), has partnered the world’s leading low-carbon electricity firm, Électricité De France (EDF) to develop and deploy renewable energy solutions for commercial and industrial customers in Kenya.

EDF said it has acquired a 50 percent stake in Econet Energy Kenya, a subsidiary of DPA in that country.

“The equity investment marks the first achievement of an industrial partnership between EDF and the Econet Group, in order to seize the opportunities of the solar self-consumption market on the African continent,” said EDF in a media update.

The company’s chief executive officer, Mr Norman Moyo, says energy is the next biggest infrastructure opportunity in the journey to transform Africa’s fortune.

“DPA and EDF both bring a deep understanding of the energy sector in Africa and globally. Our partnership will accelerate the rollout of energy in East Africa and significantly impact the continent’s economies,” he said.

DPA is present in Zimbabwe, South Africa and Kenya with a portfolio of 39MW of projects signed under the deployment.

EDF senior vice president for Africa, Middle East and Eastern Mediterranean division Mrs Valerie Levkov said: “This is a new and innovative line of business for EDF in Kenya – and we are happy to engage in it with the DPA group.

“Our joint-venture aims to offer technical excellence and a quality customer relationship. This new business line adds to the off-grid solutions we are already deploying in Kenya and extends the use of solar energy to commercial and industrial players.”

Econet Energy Kenya is deploying an innovative solar self-consumption offer on roofs for Kenyan industrial and commercial players. It has already secured 10 projects with leading Kenyan companies and is implementing its solutions in the health sector.

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