Kenya: Fortis Green Renewables invests in mini-hydropower projects

Fortis Green Renewables, a US-based renewable energy investment firm, currently investing out of its Green Fund I, announced a strategic investment of $1.5 million in a newly-formed joint venture with Hydrobox.

The companies have committed to funding and developing an initial portfolio of eight mini-hydropower projects totaling 2.4MW of installed capacity, as well as all related grid infrastructure.

The joint venture currently contains two operational projects in Central Kenya, and is expected to add an additional three before the end of 2023 as well as an incremental three in 2024. These projects will provide stable, affordable, and much needed electricity to a mix of large industrials, small businesses, and households.

Hydrobox has developed an innovative solution of containerised hydro power plants, resulting in reduced costs and production time while allowing easy deployment in remote areas. The Hydroboxes are remotely monitored and managed with IoT technology. The Hydroboxes are deployed in areas with poor or no access to energy and serve an ecosystem of anchor customers (large farms and factories), small businesses (schools, hospitals, shops, restaurants, etc.), and household customers through a self-owned mini-grid.

“Hydrobox’s experience, past success, and innovative culture, along with our missional alignment, make them an ideal partner as we begin to invest into the Kenyan renewable energy market. Our joint venture will be a catalyst for the provision of power in a financially attractive and highly impactful way. We are honoured to steward our investors’ capital and committed to financing responsible power for Africa’s future,” says Jonathan Shafer, managing director of Fortis Green Renewables Investment Management.

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