Over Sh19 billion (USD 150 million) has been committed by an investor from the United Arab Emirates to the establishment of an electric vehicle manufacturing facility in Olkaria, Naivasha, that will be fuelled by dependable, environmentally friendly, and reasonably priced geothermal energy.
The significant investments demonstrate KenGen's dedication to luring investors to its 8,292-acre Green Energy Park, which has already been designated as a Special Economic Zone where businesses are assured tax breaks.
Aquilastar Corporate Investment has pledged to begin producing electric vehicles (EVs) locally and plans to create 50,000 plug-hybrid and electric vehicles annually by the end of the next year.
The facility is expected to generate approximately 3,000 direct jobs and 10,000 indirect jobs once it is finished, which will significantly support the government's goal of providing skilled young people in the nation with employment.
In accordance with the Paris Climate Agreement, which requires nations to reduce emissions by gradually weaning themselves off of fossil fuels and other dirty energy sources like coal, the government's goals of lowering carbon emissions into the environment are also anticipated to be accelerated by investments in clean and green-powered vehicles.
They came to the region because of the clean, dependable, and reasonably priced geothermal power, according to Abdulatif Alsayegh, the chairman of the enterprise group.
John Kihagi, the Nakuru County Executive Member for Lands, praised the investment, stating that it will give thousands of work chances to worthy young people and that the nation will provide any investors who set up shop at the park with necessary incentives.
The park's promise of dependable and affordable electricity rates has also drawn the attention of G42, a company that has pledged to invest more than $1 billion to build a state-of-the-art data centre powered by geothermal energy.
Up to 2045, KenGen's enormous Green Energy Park, a groundbreaking masterpiece, intends to create a completely integrated environment for both development and user-friendly utilities.