Fieldstone Africa, a renewable energy consultancy firm in South Africa has set up shop in Kenya with a view to tapping the growing interest in renewable energy across the East African region.
The company whose worth in offering advisory role to various infrastructure projects in Africa last year was $2.5 billion is hoping to tap into private and government projects that are taking shape in Kenya and across the region.
The entry of the company now rubberstamps Nairobi as a preferred investment destination for key multinationals including Google, IBM, Honeywell and Samsung. “We believe the East Africa market is buoyant and offers us a lot of opportunities, thus our decision to open our regional offices,” the company chief-executive Jason Harlan said during the launch.
He cited Nairobi’s competent human resource base as one of the key positives alongside increased activity in the solar, wind and geothermal energy sector in the region.
Kenya aims to expand its installed energy capacity to over 6,000 megawatts (MW) by 2020 up from the current 2,333 MW by constructing additional geothermal plants, solar and wind farms alongside a coal plant.
The new office is set to inject fresh impetus in the company’s operations in the local market where it recently booked lucrative deals.
— Kevin Keya (@KevinKeya) August 4, 2016
The firm was the transactional advisor of Google’s acquisition of a 12.5 per cent equity stake in the ongoing Lake Turkana Wind Power project, the largest in Africa, last year for Sh4 billion.
The wind farm will generate 310 MW upon completion in July next year and is based in the northern Kenyan town of Marsabit.
Fieldstone’s services were also sought when Uganda’s utility firm, Umeme Ltd, cross-listed on the Nairobi Securities Exchange (NSE) in December 2012.Its corporate advisory services include project financing, mergers and acquisition, creation of capital and debt, asset management and export credit assistance.
Its focuses on energy projects, transport and infrastructure, utility networks, mining and off-grid technologies.The Nairobi office is the second in Africa after the one in Johannesburg. Fieldstone’s other offices are in London, Berlin, Kuala Lumpur, New York and Hyderabad in India.