Rwanda: Fortis Green Renewables in hydropower deal

Fortis Green Renewables has announced the acquisition of a significant minority stake in Rwaza Hydropower.

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Fortis Green Renewables, a renewable energy investment firm currently investing out of its Green Fund I, has announced the acquisition of a significant minority stake in Rwaza Hydropower, 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 28 December the transaction was completed. Hogan Lovells supported as legal advisor.

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, 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, 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.

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