Econet Group Chairman Strive Masiyiwa Strive Masiyiwa has said the growth of his Kenyan renewable business, Distributed Power Africa’s (DPA), will go beyond its sister companies Econet and Liquid Telecom.
The Zimbabwean tycoon made the remarks shortly after DPA sold 50% of its Kenya business to a leading French energy group EDF, an influential global brand.
“To see such a large global company team up with a small African start-up to develop to 50:50 partners is quite unusual.
“It shows you what I have been saying for a long time, that the future of energy in Africa is renewable! EDF has more installed solar power than all the power generated by traditional means in the entire African continent,” Masiyiwa said.
Under the partnership cooperation pact, DPA and EFD aim to fast-track the placement and roll-out of Green Energy across Africa, with EDF acting as a technology partner for DPA’s projects in Africa.
Their collaboration is expected to focus on the expansion of distributed-energy solutions based on solar panels associated with energy back-up systems such as batteries.
Sub-Saharan Africa is expected to be the first port of call for the partnership with both companies set to commission solutions in Ivory Coast, Nigeria and South Africa. There are, of course, plans to expand their partnership to other African countries.
Commenting on the acquisition move, Masiyiwa said the acquisition testified the ambition to transform DPA into a continentally reputable company.
He explained it took over two years of negotiations with EDF to get this deal done, adding that the solar subsidiary will be bigger than Econet & Liquid Telecom.
“It will one day be bigger than Liquid, or even Econet itself. I know the pathway it will take because it is a well-beaten pathway.”
“What new entrepreneurial opportunities will these emerging businesses of ours create for other innovators, entrepreneurs, fast followers and even slow followers across Africa?” added Masiyiwa.”
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