Kisumu, Kenya: InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed a Shareholders’ Agreement with Globology Ltd, committing US$3.8m through its dedicated investment arm, to support the expansion of the company’s Waterbus passenger transport operations on Lake Victoria.
Waterbus is the first passenger-focused service to deliver scheduled ferry routes on the Lake, currently operating two 132-seater and one 80 seater safe, modern catamaran vessels for passengers and light cargo on two Kenyan routes. The company currently has one further ferry under construction. InfraCo Africa’s investment will support the construction of five new fifth-generation ferries over the next 24-36 months and will enable the company to finance upgrades to its existing boatyard located in Kisumu, Kenya. The new vessels will operate on additional routes in Kenya and on new routes in Tanzania and Uganda.
Shell Foundation, the UK-registered charity that works to enhance access to sustainable energy and transport for low-income communities, has provided Waterbus with a grant of US$800,000 to pilot retrofitting of a solar boost system to two of its vessels. If the expected reduction in fuel consumption of around 15% is achieved, solar boost systems will be fitted to the wider Waterbus fleet. Globology Ltd Founder, Malcolm Ormiston, said: