The Pembani Remgro Infrastructure Fund (PRIF), one of Africa’s foremost infrastructure investment funds, and GridX Africa Development (GridX), a leading pan-African commercial & industrial (C&I) solar developer, have signed the final transaction documents for the capitalisation and management of an asset holding company, GridX Duara Holdings.
PRIF has committed to provide the core equity required for GridX Duara Holdings to execute its current USD25 million pipeline of solar and battery projects. GridX’s pipeline of projects consists of renewable energy systems for C&I customers located throughout Africa, having historically developed more than 1.9 MWp of solar power and 3.4 MWh of energy storage in Kenya, Tanzania and Mozambique. GridX Duara Holdings has projects scheduled to commence construction in East Africa early in 2021, and it will continue with its pan-African strategy thereafter.
GridX is an established market leader in financed C&I solar development on the African continent. PRIF has extensive experience in renewable energy, including C&I solar power, and benefits from an exceptional global network of contacts through its investors and executive team.
With the emphasis on, and expectation of, continued growth in industrial activity throughout the continent, C&I solar is a commercially viable model to reduce the cost of power for productive use, mitigate environmental impacts associated with industrial and economic growth, and accelerate the clean energy transition.