Centum CEO James Mworia. FILE PHOTO | NMG Two Rivers Power Company (TRPC) has received Sh775 million ($7 million) loan from a commercial and industrial solar financier to expand renewable energy infrastructure projects for its parent firm, Centum Real Estate.
The firm— wholly owned by Two Rivers Development Limited, which is in turn 58 percent owned by Centum Investment Company— received the loan from GridX Duara Holdings.
The loan is convertible, meaning TRPC can choose to repay it or allow GridX to turn it into a stake in the company at a future date.
“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 James Mworia, CEO of Centum Investment.
TRPC was set up to provide power to the Two Rivers Development, which runs Two Rivers Mall in Nairobi, but the funding will now extend to real estate projects constructed by Centum Real Estate— wholly owned by Centum Investment.
TRPC holds a generation and distribution licence and runs a high voltage line from Ruaraka to a power substation within the Two Rivers Development.
The power is complemented by 1.2 megawatts of solar photovoltaic panels located on the roof top parking of the Two Rivers Mall.
Centum Real Estate managing director Samuel Kariuki said the loan will see mixed use projects such as Vipingo and Pearl Marina become the first beneficiaries.