Regional renewable energy firm, Lean Solutions Group has partnered with French electric firm Schneider in a Sh2 billion investment targeting to entrench solar energy in powering local industries.
Group managing director Dinesh Tembhekar said it had brought on board French Development Agency (AFD) in raising part of the cash that would include internal funds as well as debt.
“We’ve negotiated a package with French-based solar product manufacturer Schneider Electric in partnership with French Development Agency, which will see industries provided with financial technical assistance to fast-track adoption of clean and renewable solar energy in industrial processes,” he said.
Mr Tembhekar said the one-year campaign, which will generate about 20 megawatts, is aimed at cutting power costs by up to 40 percent with local industries recouping investments in less than five years.
“Industries investing in solar power generation will enjoy an automated solar-electric power mix for the next 25 years where loans for the solar kits will be US dollar-denominated and attract interest of between six to seven percent, he said.
Leans Solutions Group, which started operations 11 years ago, has been manufacturing sawdust briquettes and pellets for running industrial boilers for local companies.
The firm has also been a key partner installation solar power generation kits for public institutions across the country.
He said the firm is currently conducting a survey to establish the energy needs of individual companies with an emphasis on advising them on key measures to taken to ease power costs.
The campaign will also target learning and health institutions as well as hotels.
Generation of solar power costs Sh7 per kWh compared to the Sh11 per kWh industries pay for power.
The group also has a subsidiary firm in Tanzania and currently employs 400 people in Kenya.