Press Release: Two Rivers Power Company receives $7 million funding from GridX Africa

FOR IMMEDIATE RELEASE

Nairobi, Kenya - GridX Duara Holdings (“GridX”), a leading Pan-African commercial & industrial (“C&I”) solar and distributed energy financier, has injected $7 million investment into Two Rivers Power Company (“TRPC”). 

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 install clean, affordable and reliable power in our developments,” said Dr. James Mworia, CEO of Centum Investment Company PLC.

Two Rivers Development is a world-class mixed use development integrating retail, commercial, residential, and recreational facilities in a prime location in Nairobi. When fully developed it will include 1.5 million square meters of built space.  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. The company has invested in a dedicated high voltage line from Ruaraka to the TRPC power substation within the Two Rivers Development. This power is complimented by 1.2 megawatts of solar photovoltaic panels located on the roof top parking of the Two Rivers Mall.

GridX has worked closely with TRPC, and Centum Real Estate (“Centum RE”), the corporate entity which manages the Two Rivers Development, and boutique investment advisory firm Monday Ventures to structure the $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.” 

Partnerships between real estate developers and the C&I solar sector will help accelerate the deployment of renewable energy across Africa, ensuring that a wider range of commercial, industrial, and residential users can access lower cost and more reliable energy while reducing their carbon footprint. 

“This investment highlights GridX Duara’s commitment to developing and implementing innovative approaches to C&I solar and distributed energy infrastructure, scaling the deployment of capital in impactful ways, and accelerating the clean energy transition. GridX looks forward to working closely alongside Two Rivers Development and Centum Real Estate to roll out additional renewable energy infrastructure at their developments across East Africa.” Said GridX Director, Chalker Kansteiner, while announcing the closing of the transaction.

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NOTES TO EDITOR:
For questions or further information please contact:
info@gridxafrica.com
+230 243 7888

About GridX Duara Holdings

GridX Duara Holdings is an asset holding company capitalised by the Pembani Remgro Infrastructure Fund, one of Africa’s foremost infrastructure investment funds, and managed by GridX Africa Development, a leading pan-African C&I solar developer. GridX Duara has deployed approximately $9 million in projects since January 2021, making the company one of the most active in the African C&I space. 

About GridX Africa Development

GridX Africa Development is a leading pan-African C&I solar developer with 5.8 MWp of solar PV and 4.2 MWh of battery energy storage systems installed or under construction. GridX Africa Development has successfully completed projects in Kenya, Tanzania, and Mozambique, and the company’s pipeline of near-term developments spans the African continent. Clients and pipeline include real estate developers such as Centum RE, leading safari lodges and boutique hotels, commercial agriculture operations and processing facilities, hospitals, data centers, mines and other commercial and industrial offtakers. 

More details can be found at www.gridxafrica.com, and the GridX team can be reached at info@gridxafrica.com.

About Pembani Remgro Infrastructure Fund

Pembani Remgro Infrastructure Fund (“PRIF”) is an African infrastructure opportunities fund that makes equity, quasi-equity and equity-related investments in private infrastructure in Africa. The Fund targets greenfield and brownfield projects, as well as investments in companies that provide services within the private infrastructure sector. PRIF has extensive experience in renewable energy, including C&I solar power, and benefits from an exceptional global network of contacts through its investors and executive team. 

About Two Rivers Development

Two Rivers Development is a 102-acre world-class planned development integrating retail, commercial, residential, and recreational facilities in a prime location in Nairobi. The development is within Nairobi’s Diplomatic Blue Zone, and boasts ample green space, a premier mall, theme park, office space, and its own state of the art infrastructure. Two Rivers Development is a Kenya Vision 2030 flagship project, and by blending luxury and affordable housing within a single development, is reframing Nairobi’s housing market. The development is anchored by the Two Rivers Lifestyle Centre which has been operational since February 2017. The second phase of the development is a residential node that will roll out 4,000 residential units over the next 7 years. TRDL is a subsidiary of Centum Investment Company PLC.

About Centum Real Estate

Centum Real Estate (“Centum RE”) is a wholly-owned subsidiary of Centum Investment Company PLC and is the region’s leading real estate developer, with a focus on large mixed-use developments. Centum RE’s current development portfolio includes Vipingo Development Limited, a +8,000-acre development in Kilifi County; Pearl Marina Estates Limited, a +360-acre development in Entebbe, Uganda; and infill developments within the Two Rivers Development in Nairobi. Centum RE has also provided management services to the development manager for Two Rivers Development. 

About Monday Venture

Monday Ventures is an investment advisory boutique dedicated to providing private market transactions and advisory solutions in alternative investment and intermediation in commodity trade finance. As an independent and management-owned company, Monday Ventures is able to offer its clients flexible and tailored solutions. Personal accountability of senior specialists assures quality of work, reliability, and attention to detail.