Meridiam finalises acquisition of Tanzanian renewable energy company

Meridiam announced the completion of its acquisition of Rift Valley Energy Tanzania (RVE), a renewable energy infrastructure platform. The company owns a portfolio of 30MW of renewable energy generation assets in operation, construction and development stages. In parallel, Rift Valley Energy has developed two rural distribution networks, 460 km long, in southern Tanzania serving a population of more than 75,000 living in 38 villages. RVE was previously held by Rift Valley Corporation, one of the leading agricultural investors in South-Eastern Africa.

Mathieu Peller, deputy CEO of Meridiam said, “This acquisition, our first in Tanzania, reinforces and complements our clean energy footprint in the region. As a matter of fact, in Kenya, we recently invested in 250 MW wind and solar projects in operations and development and are currently building a 150 MW geothermal plant in Ethiopia. Rift Valley Energy illustrates our ambition to support the ecological transition in Africa and actively participate in the transformation of the Tanzanian power mix.”

Michael Gratwicke, CEO of Rift Valley Energy said, “We have always considered ourselves a market leader in the rural renewable energy generation segment, which have been completely transformative within the areas where operate. We are frankly delighted that a large infrastructure investment fund such as Meridiam has recognised this, and has elected to invest into this strategically important sector, and we very much look forward to the exciting journey ahead.”

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