Kenyan tycoon Baloobhai Patel’s Bamburi Cement expects $2.57 million in savings with solar plants

Mfonobong Nsehe -

Bamburi Cement, a leading cement company in East Africa and partly owned by Kenyan industrialist Baloobhai Patel, announced significant strides toward sustainability with the disclosure that it anticipates annual savings of Ksh400 million ($2.57 million) upon the completion of its two solar plants in Nairobi and Mombasa.

The revelation came from Jane Wangari, Bamburi Cement’s sustainability and geocycle director, during the DTB’s third economic and sustainability engagement forum at Serena Hotel in Nairobi.

Wangari highlighted the strategic benefits of the Power Purchase Agreement (PPA) with MomNai Energy Limited, emphasizing the positive environmental impact and substantial financial gains.

MomNai Energy and Bamburi Cement’s solar partnership: $2.57 million in savings annually

Speaking at the forum, Wangari elaborated on the PPA, stating, “It is a PPA, meaning we do not need to put in any investment, and we will be getting about Ksh400 million ($2.57 million) savings every year on power.” The agreement, sealed with MomNai Energy Limited, facilitated the establishment of two solar plants adjacent to Bamburi Cement’s Mombasa and Nairobi factories.

The 14.5 megawatts solar plant in Mombasa and the five megawatts plant in Nairobi are expected to fulfill approximately 30 percent of Bamburi Cement’s annual power needs. Wangari underscored the dual benefits of reducing carbon emissions and generating substantial savings, noting, “The savings are massive.”

Patel: Beyond Bamburi Cement, a serial investor’s portfolio

Bamburi Cement, renowned for pioneering construction solutions, is recognized as one of the leading cement companies in East Africa. The company’s expansive Mombasa cement plant, among the largest in Sub-Saharan Africa, showcases its commitment to innovation by offering sustainable construction products and solutions employing cutting-edge technologies.

Patel, a Kenyan multimillionaire and owner of a 4.12-percent stake in Bamburi Cement through his private investment company, Aksaya Investment, has been instrumental in fostering sustainability within the company.

Patel’s influence extends beyond Bamburi Cement, with investments in notable entities such as financial services provider Sanlam and industrial gases giant Carbacid, showcasing his stature as a serial investor.