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Centum unit secures 775 million shillings renewable energy loan


Companies

Centum unit secures 775 million shillings renewable energy loan


Centum CEO James Mworia. PHOTO FILE | NMG

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Summary

  • Two Rivers Power Company (TRPC) has received a 775 million shillings ($ 7 million) loan from a commercial and industrial solar financier to expand renewable energy infrastructure projects for its parent company, Centum Real Estate.
  • The company, 100% owned by Two Rivers Development Limited, itself 58% owned by Centum Investment Company, received the loan from GridX Duara Holdings.
  • The loan is convertible, which means that TRPC can choose to repay it or allow GridX to convert it into an equity stake in the business at a future date.

Two Rivers Power Company (TRPC) has received a 775 million shillings ($ 7 million) loan from a commercial and industrial solar financier to expand renewable energy infrastructure projects for its parent company, Centum Real Estate.

The company, 100% owned by Two Rivers Development Limited, itself 58% owned by Centum Investment Company, received the loan from GridX Duara Holdings.

The loan is convertible, which means that TRPC can choose to repay it or allow GridX to convert it into an equity stake in the business at a future date.

“Energy infrastructure is a key component of our mixed-use developments, and this partnership will significantly strengthen Centum Real Estate’s commitment to install clean, affordable and reliable energy in our developments,” said James Mworia, CEO of Centum Investment.

TRPC was established to supply electricity to Two Rivers Development, which operates the Two Rivers Mall in Nairobi, but funding will now extend to real estate projects built by Centum Real Estate, wholly owned by Centum Investment.

TRPC holds a production and distribution license and operates a high voltage line from Ruaraka to an electrical substation in the Two Rivers development.

The power is supplemented by 1.2 megawatts of photovoltaic solar panels located on the rooftop parking lot of the Two Rivers shopping center.

Centum Real Estate chief executive Samuel Kariuki said the loan will see mixed-use projects such as Vipingo and Pearl Marina become the first beneficiaries.


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