Dubai-based Aquilastor Corporate Investment Company has unveiled plans to invest Sh19.4 billion ($150 million) in the construction of an electric vehicle (EV) assembly plant at the Olkaria green energy park in Naivasha.
Once complete, the facility is expected to produce at least 50,000 electric and hybrid vehicles annually.
Speaking during the groundbreaking ceremony, Aquilastor Group Chairman Abdulatif Alsayegh said the project would leverage the clean, reliable and affordable power available at the park, while also creating thousands of jobs.
“We are committed to this project which will revolutionise the electric vehicles sector and help create over 3,000 jobs directly for Kenyans,” he said.
KenGen Chairman Alfred Agoi noted that seven investors had already expressed interest in the industrial park, which has since been designated a special economic zone. He added that the utility company is seeking to attract more than 30 investors.
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He cited affordable and reliable power as a key incentive for firms setting up at Olkaria, highlighting KenGen’s commitment to expanding green energy generation.
“We have embarked on several projects to increase power generation mainly from geothermal as we embark on infrastructural development around the industrial park,” he said.
KenGen Director of Commercial Services, Kibet Rono, said the company had set aside over 8,000 acres for the green energy park. He emphasized that investors would enjoy lower power tariffs compared to those operating outside the geothermal-rich region.
He further pointed out that supplying geothermal power to large assembly plants at the park would significantly cut carbon emissions, a concern for many countries.
“One of the main concerns for investors is a source of reliable and affordable power and at Olkaria this is guaranteed throughout the year,” he said.
