OLA Energy commissions US$360,555 LPG plant in Nairobi, Kenya

KENYA – OLA Energy Kenya,  the local subsidiary of Tamoil Africa Holdings Limited, has commissioned a new Ksh40 million (US$360,555) state-of-the-art Liquefied Petroleum Gas (LPG) plant in Nairobi that enables the company to double its capacity and meet the growing domestic demand for cooking gas in the country. Speaking at the commissioning, OLA Energy Kenya Operations Manager Franklin Nubi revealed that the new plant is made up of machinery with very advanced technological capabilities and its intelligent features enable it to detect leakages during the filling process. “The new LPG…

Read More

Postal Corporation of Kenya secures US$650,000 from Trade Mark East Africa to boost e-commerce

KENYA – The Postal Corporation of Kenya (PCK) has secured Kshs. 72 million (US$650,000) from Trade Mark East Africa (TMEA) as it targets to boost its presence in the e-commerce delivery market. Under the deal, PCK says it intends to increase its capacity to process 10,000 packages daily to provide an efficient logistics and distribution platform for e-commerce entrepreneurs and customers. PCK says the funding will help it enhance internal digital capacities and improve collaboration with external, both regional and global actors, in the e-commerce space. “It is a great…

Read More

Atlas Tower Kenya to invest US$48.9m on 4G towers installation

KENYA – Telecommunications infrastructure firm Atlas Tower Kenya is investing US$48.9 million to install 4G towers, targeting mobile network operators Safaricom, Airtel Kenya and Telkom Kenya, reports Business Daily. The telcos are in a race to cover most of the country with the fourth generation (4G) broadband cellular technology to attract and retain subscribers using smartphones. Atlas, owned by Kalahari Capital LLC and Adrian Group Limited, will fund part of the investment using loans from the International Finance Corporation (IFC). “The total project cost is estimated at US$48.9 million (Sh5.4…

Read More

Digital lender Tala raises US$145m Series E Funding to facilitate its geographical expansion

KENYA – Emerging markets digital lender, Tala, has raised US$145 million in Series E funding led by Upstart which was founded by Dave Girouard, Anna Counselman and Paul Gu who previously worked with Google. Participants in the investment included Stellar Enterprise Foundation, a DeFi network, together with new investors J. Safra Group and Kindred Ventures. IVP, Lowercase Capital, and Revolution Growth which are existing investors also joined the investment, bringing the funding raised to about US$360 million. Tala plans to use the new investment to facilitate geographic expansion and grow its…

Read More

Grit Real Estate to acquire Orbit Africa facility in Kenya

KENYA – Mauritius-based Grit Real Estate Income Group has secured funding of US$31.5 million for the acquisition, expansion, and redevelopment of the Orbit Africa warehousing and manufacturing facility in Nairobi, Kenya. The funding was secured from Mezzanine Partners GP Proprietary Limited and BluePeak Private Capital with backing from an International Finance Corporation (IFC) debt facility. “The total purchase consideration of US$53.6 million will be settled by way of US$25 million in senior debt finance negotiated with the International Finance Corporation, a member of the World Bank Group, and US$28.6 million…

Read More

PE firm Adenia Partners acquires Kenya’s Red Lands Roses

KENYA – Adenia Partners, a private equity firm investing in Africa, has acquired a majority stake in Altilands SA, the parent company of Red Lands Roses, a leading grower of premium fresh-cut roses in Kenya. Red Lands is internationally recognized for its green horticultural practices that respect people and the environment. The financial terms of the transaction were not disclosed. Established in 1996 by an agronomist, Isabelle Spindler, Red Lands operates a farm of 28 hectares, 35 kilometers northeast of Nairobi, at approximately 1,565 meters above sea level. Red Lands’ premium…

Read More

Cellulant confirms Akshay Grover as Chief Executive Officer

KENYA – Fintech company Cellulant has announced that acting Chief Executive Officer (CEO), Akshay Grover, has been appointed as Group Chief Executive Officer and Director of Cellulant with effect from 1 October 2021. The appointment follows an executive search process following the announcement in January 2021 by then Group Chief Executive Officer Ken Njoroge of his intention to transition from his position. Akshay has been serving in an acting capacity since April 2021. “We are delighted to appoint an executive of Akshay’s calibre and experience to the role,” said Cellulant…

Read More

Solar financier GridX Duara injects US$7m into Two Rivers Power Company

KENYA – Pan-African commercial and industrial solar and distributed energy financier GridX Duara Holdings has injected Shs770 million (US$7 million) investment into  Two Rivers Power Company (TPRC). TRPC is a wholly-owned subsidiary of Two Rivers Development Limited (TRDL) and was established to ensure the provision of reliable power to the Two Rivers Development in Nairobi, Kenya. The investment will be used to expand renewable energy infrastructure for Centum Real Estate projects. “Energy infrastructure is a key component of our mixed-use developments, and this partnership will boost in a big way…

Read More

Tech startup Sanergy secures US$2.5m funding from Japanese investor JICA

KENYA – Sanergy, a tech-enabled startup and the owner of the Fresh Life toilets franchise, has received US$2.5 million funding from the Japan International Cooperation Agency (JICA). This is in an effort to address the city’s growing sanitation needs while also helping farmers across Kenya produce more crops with fertilizer produced as a byproduct. Sanergy plans to expand its reach into additional African and Southeast Asian cities, on the wings of the investment. “We are thrilled to expand Sanergy’s pioneering circular economy model which solves multiple social problems, such as…

Read More

Power producer KenGen receives fifth ISO re-certification

KENYA – Kenya Generating Electricity Company (KenGen) PLC has received its fifth ISO re-certification after successfully going through rigorous audits conducted by Bureau Veritas, a world leader in testing, inspection, and certification services to confirm the company’s conformity to the international standards. KenGen Quality Management Systems (QMS) and Environmental Management Systems (EMS) were audited in June 2021 and found to be compliant with ISO 9001:2015 and 14001:2015 standards respectively, leading to the re-certification which was formally presented to the company. Speaking after receiving the certificate from the certifying body, Bureau…

Read More