CFAO Kenya Limited a subsidiary of CFAO group (Corporation for Africa and Overseas) proceeds to invest in OFGEN Limited a leader in solar PV installation for commercial and industrial use in East Africa.
CFAO Kenya has worked with OFGEN Limited since 2018 to solarize CFAO Group-owned premises within Kenya and Uganda.
CFAO group will continue to leverage OFGEN’s expertise in commercial solar PV installation to solarize all its business premises within the East African Region, in line with the Group’s carbon neutrality program and commitment to 50% reduction in its CO2 emission by 2030.
With this investment, the CFAO group’s ambition is also to contribute to promoting initiatives toward expanding the use of renewable energy in Africa. Amb. Dennis Awori, Chairman and Country Delegate of CFAO Kenya said OFGEN’s impressive footprint and project pipeline made it a strong addition to the group’s renewable energy portfolio and the investment will help CFAO group accelerate the penetration of the Commercial & Industrial renewable energy market.
‘Our company shall not relent in creating and passing on a better global environment to the children of the future in countries where we do business by aligning our operations and activities with the global sustainability agenda. With six installations already in operation across Kenya and Uganda, our roadmap is to equip all the remaining CFAO premises in over 10 countries in the East and Southern Africa region with photovoltaic panels to reduce carbon emissions from our business operations in the region by more than 1,000 tons per year by the year 2024” added Awori.
”CFAO’s investment suits OFGEN’s short and long-term objectives of creating sustainable development through the provision of efficient and innovative renewable energy solutions in the region on an exciting new scale. To this effect, OFGEN intends to utilize CFAO Group’s extensive footprint across the continent to expand into other African markets,” said Jibril Omar the Founder and CEO of OFGEN Limited.
Kenya’s industrial policy aims at inclusive growth, job creation, and poverty reduction through the promotion of a globally competitive manufacturing sector. Despite being a global leader in the adoption of renewable sources for electricity production, Kenya experiences huge transmission and distribution losses of power.
This has contributed to high cost of energy that undermines Kenya’s ability to compete for manufacturing jobs, especially in East Africa. In view of this challenge, OFGEN’s promotion of onsite energy production and consumption through industrial solar PV installation seeks to strengthen the competitiveness of Kenya’s manufacturing sector by reducing energy costs.
The company has developed innovative solutions including smart financing models and monitoring systems that can support large-scale deployment of industrial solar PV solutions in Kenya.
Source: Capital FM Kenya.