KENYA – Pan-African commercial and industrial solar and distributed energy financier GridX Duara Holdings has injected Shs770 million (US$7 million) investment into Two Rivers Power Company (TPRC).
TRPC is a wholly-owned subsidiary of Two Rivers Development Limited (TRDL) and was established to ensure the provision of reliable power to the Two Rivers Development in Nairobi, Kenya.
The investment will be used to expand renewable energy infrastructure for Centum Real Estate projects.
“Energy infrastructure is a key component of our mixed-use developments, and this partnership will boost in a big way Centum Real Estate’s commitment to installing clean, affordable, and reliable power in our developments,” James Mworia, CEO of Centum Investment Company PLC said.
TRPC holds a generation and distribution license from the Energy and Petroleum Regulatory Authority of Kenya, and sources power on wholesale terms from Kenya Power.
GridX has worked closely with TRPC and Centum Real Estate, the corporate entity which manages the Two Rivers Development, to structure the US$ 7 million convertible loan that will support the ongoing growth of the Two Rivers Development and allow GridX to add value through the provision of additional renewable energy infrastructure and ongoing operational and management support.
The investment marks the beginning of a larger relationship between GridX and Centum RE, leveraging Centum RE’s strong track record of building mixed-use developments serviced by captive utilities, and GridX’s experience developing and financing renewable and distributed energy infrastructure.
The Managing Director of Centum RE, Samuel Kariuki stated that: “Centum Real Estate is looking forward to a fruitful and long-term partnership with GridX, in rolling out sustainable and reliable solar energy infrastructure in its mix-use developments, including Vipingo and Pearl Marina.”
GridX Africa develops and finances solar and energy storage solutions for businesses across all of sub-Saharan Africa. We deliver cleaner, lower cost, more reliable power to our clients.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
