- The renewable energy investment deal includes $461.5m for the Menengai geothermal plant, Ksh 15bn for a wind farm, and Ksh 8bn for a solar energy project.
- The second power plant’s construction will start soon following the project’s financial close.
Toyota Tsusho Corporation has signed an agreement with the Republic of Kenya to collaborate on renewables development. Kenyan President, William Ruto has signed three deals with the Japanese firm to support the growth of Kenya’s vehicle manufacturing sector and renewable energy industry. Among the deals signed is an investment of Ksh 75 billion (approx. USD 461.5 million) on the Menengai geothermal plant. Toyota will also invest in other renewables, inclusding Ksh 15 billion in a wind farm project and Ksh 8 billion in a solar energy project.
In addition, the firm will bolster Kenya’s industrial sector by setting up a vehicle manufacturing facility with an initial investment of Ksh 800 million. President Ruto stated that the goal is to ensure that locally manufactured vehicles are affordable, thus discouraging the purchase of used cars. The agreement also promotes the manufacture and use of hydrogen electric vehicles and hybrid vehicles.
The Cabinet Secretaries, Kipchumba Murkomen, Rebecca Miano, and Davis Chirchir, with Toyota Tsusho Corporation President and CEO Ichiro Kashitani, signed the renewable energy investment deal in the presence of President Ruto. The signing has been a part of Ruto’s trip to Japan to secure funding for government projects. The first geothermal power plant in Menengai officially started supplying power to the grid in August 2023. The second power plant construction will start soon following the project’s financial close.