Kenya: FMO backs run-of-river hydro developer
FMO has disclosed a $7 million approved loan to Hydrobox.
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The Dutch entrepreneurial development bank, FMO, has disclosed a $7 million approved loan to Hydrobox, a hydropower plant and mini-grid developer focused on small run-of-river hydro mini-grids in Kenya.
About 70% of power generation will be sold to commercial and industrial clients through long-term USD contracts.
The FMO loan will finance a hydropower mini-grid portfolio in rural Kenya, and is part of a larger facility with ElectriFi, which will provide a $2 million senior debt facility.
The portfolio will consist of eight hydro power plants forming five mini grids totalling 2.3MW, of which two interconnected plants are already online.
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