Toyota Kenya has acquired a 35% stake in solar installation company, Ofgen, for an undisclosed value.
The Competition Authority of Kenya (CAK) on Tuesday approved the deal that will help the auto firm to further diversify its earnings.
The company will use the credits to cut its carbon production from ventures like car manufacturing and boost the firm’s environment-friendly credentials.
Ofgen has installed over 30 power plants for firms like Serena Hotels, Strathmore University and BAT in the companies’ efforts to cut reliance on electricity from Kenya Power.
The purchase will open a new revenue source for the company targeting the country’s estimated solar potential of approximately 15,000 megawatts (MW).
Founded in 2014, Ofgen has built and financed over 30 on-grid and off-grid solar plants across Kenya, Uganda, Rwanda, and South Sudan markets.
Besides Toyota, some of its leading clients include Williamson Tea, Fairmont Hotels, Grain Bulk, Kenya Airways, Serena, Strathmore, Kenya Ports Authority, Glaxosmithkline, and BAT.
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