- The company has recently announced its acquisition of a 35 per cent stake in solar installation company Ofgen for an undisclosed value. The approval of the deal by the Competition Authority of Kenya (CAK) will help the auto firm to diversify its operations.
Toyota Kenya, known as CFAO Kenya has shown a growing interest in the clean energy market that offers an opportunity to offset its carbon footprint. It has increased its investments in green energy, including solar power projects, to earn carbon credits and to
enhance the firm’s environment-friendly credentials by investing in renewable energy.
The company has recently announced its acquisition of a 35 per cent stake in solar installation company Ofgen for an undisclosed value. The approval of the deal by the Competition Authority of Kenya (CAK) will help the auto firm to diversify its operations. Ofgen has installed over 30 power plants for firms like Serena Hotels, Strathmore University, etc. Kenya’s estimated solar potential is approximately 15,000 megawatts (MW) and offers a good opportunity for the company to tap the demand for millions of solar kits for homes and business premises around the country.
Toyota Tsusho has been on a diversification drive since 2012 when it bought French distribution company CFAO in 2012, giving it access to businesses, ranging from retail to healthcare, across Africa. Its automotive business includes the distribution of Toyota and Mercedes Benz cars in Kenya, which accounts for more than half of its revenue. The balance comes from pharma and health care, technology and energy, which includes renewable energy generation plants.
Also read;
https://trendsnafrica.com/odinga-files-petition-with-supreme-court-kenyas-election-turmoil/
https://trendsnafrica.com/kenyan-supreme-court-gearing-up-to-hear-presidential-election-dispute/
