Following Fortis Green Renewables Green Fund I‘s investment in the Hydrobox AssetCo in August, Kiamahindu, the 3rd of 8 small hydropower projects in Central Kenya is currently under construction. Hydrobox is an innovative provider of off-grid hydropower in rural Africa. Anchored by large and stable commercial offtakers, the Hydrobox model also supplies power to households and small businesses.
The new 110kW project is scheduled to be commissioned in early December. Once online, the project will enable the addition of 100 homes, 5 businesses, and an incremental tea factory to the current grid, and will bring the total capacity of the Hydrobox AssetCo to 844kW. An additional five projects and 1.5MW will be commissioned in 2024.
Fortis Green Renewables Green Fund I provides capital for small-scale renewable energy assets in Sub Saharan Africa, with an initial focus on East Africa. Access to stable and high-quality power is foundational to both economic and social development. The Fund has an initial focus on small-scale run-of-the-river hydropower assets (such as Hydrobox), which have been a primary driver of rural African electrification and is attractive due to its return potential coupled with limited negative environmental and social impacts. The Fund invests across the development cycle in assets under development and operational assets, both of which present unique and potentially competitive return profiles.