Innova to Open a US$40 Million Plant in Kenya to Build Green Affordable Homes
MMTC is a 100% green city and is currently in the Final Phase 3 of development and is set to complete in 2020. It will be home to 4,800 affordable green mid-rise residences.
MIAMI, Feb. 12, 2019 /PRNewswire-PRWeb/ -- Innova Eco Building System has entered into a JV Agreement to build a US$40 million manufacturing plant bringing its green building technology to Mwale Medical and Technology City (MMTC), a US$2 billion community-owned sustainable development located in Western Kenya.
INNOVA AT MMTC
MMTC is 100% green city and is currently in the Final Phase 3 of development and is set to complete in 2020. It will be home to 4,800 affordable green mid rise residences being built on a 36-hole golf course, a state-of-the-art 7-tower 5,000 bed Hamptons Hospital, a technology park, airport, convention center and a 144MW waste-to-energy power plant – all built to top international standards. Much of the remaining construction will be completed using Innova Eco Building technology, fabricated in situ at Innova's MMTC factory.
The Innova factory at MMTC is the first of its kind in Africa and will begin with one production line producing insulated magnesium cement panels, starting this May 2019. Two additional production lines will be shipped to MMTC in 2019 and will push the production capacity to thousands of units per year.
ECONOMIC PROSPERITY
The factory is a major milestone in Kenya and will see the construction of spacious modern green affordable homes for Kenyans.
Innova's technology is thus well-positioned to help the Kenyan government achieve its UN-backed affordable housing program, which seeks to build 500,000 affordable homes for Kenyans by 2022. By the end of 2020 Innova's multi-million dollar factory will have tripled production and will have a capacity to meet more than half of the new annual housing demand in Kenya. Moreover, with its ability to mass produce panels on site at MMTC, Innova thus achieves unparalleled economies of scale and cost savings on labor and transport, while simultaneously cementing MMTC as Kenya's Lake region economic bloc (LREB) engine in manufacturing, affordable housing, affordable health care, green building, transport and tourism and more. Together with MMTC, Innova is dedicated to fostering economic prosperity in Kenya.
GLOBAL IMPACT
Innova's expansion into Africa is furthermore aligned with American interests abroad, as outlined in the objectives of the US government's newly created and US$60-billion-funded International Development Finance Corporation (IDFC), which seeks to enable the US private sector to compete globally with other players from China, and the rest of the world in infrastructure development projects all over the developing world.
In its partnership with MMTC, Innova will strengthen American relations in Kenya and help to provide Kenya a viable alternative to affordable housing, as this fast-developing and dynamic country progresses successfully toward achieving its Vision 2030 development targets.
SOURCE Innova Eco Building System
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