It’s official – Jonathan Shafer, Managing Director of Fortis Green Renewables recently made the announcement…
We are thrilled to announce our strategic investment with Hydrobox, a portfolio of eight small hydropower assets situated in Central Kenya. This investment fully aligns with Green Fund I’s commitment to sourcing investments with attractive financial potential and meaningful impact.
Investment Highlights:
- Investment Amount: Green Fund I has committed $1.5 million in equity, to be invested into a newly created Asset Holding Company, which will be disbursed in two tranches over the course of six to nine months. This phased approach allows for meticulous oversight of asset performance. The Fund will own 41% of the Asset Company.
- Hydropower Portfolio: The Hydrobox portfolio features eight hydropower assets, strategically located in Central Kenya in the foothills of the Aberdare Mountains. These assets, in addition to offering attractive financial returns, will transform the region through access to affordable, reliable, and clean energy.
- Impactful Transformation: Beyond its financial attributes, this investment creates far-reaching positive impacts. The eight assets will contribute directly to carbon emission reduction amounting to ~15,000 tons of CO2 equivalent on an annual basis. Moreover, our investment will empower the local community through increased employment opportunities and enhanced infrastructure.
- Video Overview: We recently recorded a webinar with Thomas Poelmans, CEO of Hydrobox, and Steve Maina, CEO of Central Highlands Tea – a purchaser of Hydrobox electricity. This video offers an overview of the Hydrobox story and model as well as a first-hand account of the transformative effect of partnering with Hydrobox.
We firmly believe that this investment embodies our collective commitment to driving positive change for the 600 million Africans who still lack access to power while generating financial returns for our investors.
-Jonathan Shafer
