Fortis Green Renewables, a renewable energy investment firm currently investing out of its Green Fund I, acquired a significant minority stake in Rwaza Hydropower Ltd, a 2.6MW operational run-of-river hydropower plant located in Musanze, Rwanda.
Fortis Green Renewables and the seller group signed a share purchase agreement in November 2023, which initiated the acquisition, and on December 28th, 2023 the transaction was completed.
The investment by Fortis Green Renewables represents a significant step in the development of Green Fund I, as it provides access for investors to a stable and steady operational asset located in the attractive Rwandan market.
Rwaza began operations in early 2019 and has since provided reliable power to the Rwandan grid via its 25-year power purchase agreement with the Rwanda Energy Group. The project was originally developed by DC Hydropower Ltd, responsAbility Renewable Energy Holding (now known as Serengeti Energy), and Frontier Energy.
Frontier sold its position to Serengeti Energy in a transaction that was completed in March 2023. Fortis Green Renewables’ investment in Rwaza was completed via a full acquisition of DC Hydropower Ltd, the original developer entity.
“We have been tracking Rwaza for a number of years, and are pleased to add it to our Green Fund I portfolio. Fortis Green Renewables is committed to the development and operation of clean and renewable energy for the African continent and Rwaza fits perfectly into this vision”, says Jonathan Shafer, Managing Director of Fortis Green Renewables Investment Management.
Benito Grimaudo, Managing Director of Fortis Green Renewables Investment Management adds, “We look forward to a long and fruitful partnership with Serengeti Energy and the Rwanda Energy Group, as we collectively work to improve the state of power access and quality in Rwanda.”