Toshiba signs geothermal lease deal with RentCo for turbines
[Nairobi, Kenya, 8th May 2018] RentCo East Africa Limited (RentCo) a leading Leasing firm in East and Sub-Sahara Africa has inked a General Cooperation Agreement with Toshiba Energy Systems & Solutions Corporation (hereinafter referred to as Toshiba).The global leader of geothermal power generation systems, through lease arrangement with RentCo, will provide and install turbines, wellhead geothermal power generation system that generates 1 to 10 megawatts output capacities.
Under the terms of the Agreement, Toshiba will collaborate in the development to expand RentCo’s new energy leasing business to supply “Geoportable™. In Kenya, and East Africa. In the recent past RentCo has demonstrated its capability in the field of geothermal power plant development. Currently the leasing firm has an ongoing 15 year project to supply Geothermal Wellheads to KenGen.
The “Geoportable™” is a compact power generation system that can be installed in a small well within a short period and has the ability to utilize wells under development effectively.
This development comes at a time when the African continent is exploring its untapped geothermal resources henceforth the deal will go a long way in supporting and growing this potential therefore an increase in the country’s power capacity.
Toyoaki Fujita, Business Development Executive of Toshiba said “I’m confident that this collaboration will support Africa’s plan to expand its renewable energy to drive the country’s economic development.”
RentCo’s lease model offers an opportunity where assets can be availed to stakeholders’ lowering costs and enabling optimisation and business growth across sectors. The firm provides innovative solutions to its stakeholders and is committed to steer growth into the energy leasing business security in Kenya by availing power capacity to the region.
Speaking during the ceremony RentCo Chief Executive Director, Mr. Robert Nyasimi lauded the move saying, the partnership demonstrates commitment by both parties for collaborations to facilitate efficient, structured, inclusive agreement that will ensure steady power projects are done to their fruitful completion hence increased power capacity in the country and East Africa.
The agreement is, intended to provide energy lease solutions to government, Parastatals and other energy stakeholders.
Leasing plays a critical role in addressing the challenges of procuring and owning Asset.”We are pleased to partner with Toshiba in provision of affordable power solution in Africa” Robert concluded.
About Toshiba Energy Systems & Solutions Corporation (TOSHIBA)
Toshiba Energy Systems & Solutions Corporation is a leading supplier of integrated energy solutions. With its long experience and expertise in wide range of power generating and transmitting systems and energy management technology, the company delivers innovative, reliable and efficient energy solutions across the globe. Split off from Toshiba Corporation (TOKYO: 6502) in October 2017.
About RentCo Ltd.
RentCo is a Private Limited Company that provides structured lease financing solutions either directly to its customers or through vendor finance partnership programs for various business assets across all sectors. RentCo boasts a leadership position due to its ability to design leases to reflect customer’s specific priorities; whether it be lowering payments, monetizing assets, preserving cash, or optimizing either operating or capital budgets.
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