Swedfund, STOA and Proparco back Serengeti Energy
Swedish development finance Institution Swedfund has invested $20 million in Serengeti Energy, a sub-Saharan independent power producer which develops, constructs, owns and operates grid-connected renewable energy resources in a region that is currently heavily dependent on fossil fuels.
Swedfund will provide its capital as part of a structured fundraise of $80 million, alongside the French development finance institution Proparco and STOA, a French impact fund.
”Sub-Saharan Africa still depends heavily on fossil fuel power generation, which makes it crucial that investments in renewable generation keeps on increasing, adding environmentally and socially sustainable and cost-efficient capacity to the grid. By investing in Serengeti Energy, we are strengthening our already existing renewable energy portfolio with small- and medium-scale hydro and solar power in sub-Saharan Africa,” says Maria Håkansson, CEO at Swedfund.
Serengeti Energy is well-known within the development finance institution sphere with previous equity raised from the German Development Bank, KfW, the Norwegian development finance Institution, Norfund and the Nordic Development Fund, NDF.
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