GridX Africa

About

GridX is a developer and financier of distributed energy solutions, including solar and battery systems for commercial & industrial (C&I) customers. GridX was formed in late 2017 to address the commercial & industrial solar market in sub-Saharan Africa. We have since become one of the leading C&I solar companies on the continent, where customer interest in the solar and battery product offering is rapidly growing with multinationals and SMEs. GridX designs, finances, installs, and operates solar and battery systems (and in some cases additional energy efficient equipment) for corporate clients, based on 10-15 year offtake contracts with our clients, under which clients make monthly payments that allow GridX to recover its initial principal invested and a financial return. GridX then operates and maintains the systems for the full duration of the offtake contracts. Our projects reduce clients’ overall power costs by up to 30%, and provide a more reliable and environmentally sustainable source of power. We have two entities: (1) GridX Africa Development: a project development and operations business and (2) GridX Duara Holdings: an asset holding / investment business, and we are operational in Kenya, Tanzania, and Mozambique, with new projects commencing in West Africa. So far in 2021, GridX has successfully delivered $9 million of capital deployment into C&I transactions in Kenya. GridX has a $25 million pipeline that it plans to deliver over the next 12-18 months, which includes projects based on substantial portfolio-level relationships with major clients that ensures a baseline amount of ongoing portfolio growth. GridX has a strong group of shareholders, including blue-chip African infrastructure investorPembani Remgro in the asset holding company, and Eden Renewables and Pan African CapitalGroup in the development company. Organizationally, GridX has three verticals within the development business, (1) business development, (2) project development, and (3) project execution and operations.