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Kenya: InfraCo Africa buys 40% stake in mini-grid developer KPEA

The Portuguese company RVE.SOL will sell 40% of the shares of its Kenyan subsidiary Kudura Power East Africa (KPEA) to InfraCo Africa, under a shareholders’ agreement signed between the two players on July 6.

According to information made public by InfraCo Africa, the agreement provides for RVE.SOL and its new partner to inject up to $8 million to support KPEA’s expansion. Among other things, the funds will be used to build 22 additional mini-grids with “capacities ranging from 10 to 60 kWp for a total of 512 kWp” in Busia County (northwestern Kenya), as part of the Kudura Mini-grid project.

“The project will result in more than 7,000 new connections in rural areas, combining the densification of existing sites with the construction of new mini-grids,” according to InfraCo Africa, a specialized fund of the Private Infrastructure Development Group (PIDG).

These scalable mini-grids are expected to be commissioned in the third quarter of 2022.

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