Tanzania: British International Investment backs Meridiam platform
BII will provide $15 million to Rift Valley Energy.
British International Investment (BII) has signed an agreement to provide $15 million, with the potential to increase this to $25 million, to renewable energy platform Rift Valley Energy (RVE), owned and managed by Meridiam. The funding will support part of RVE's investment and development plan for future renewable energy projects in Tanzania.
BII’s backing will contribute to the financing and installation of new wind and hydropower capacity. The projects will sit alongside RVE’s existing run-of-river hydros as well as the only operational wind farm in Tanzania – Mwenga Wind.
RVE, a Tanzania-based renewable energy infrastructure development company, is wholly owned by Meridiam. It acquired RVE in 2023 with a view to grow its generation assets.
BII's chief executive officer, Nick O'Donohoe, said: "Millions of people in Tanzania do not have access to energy and this greatly impacts on their ability to access essential services and opportunities. This agreement with Meridiam to support Rift Valley Energy will improve the lives of thousands of people in rural Tanzania as the energy it will provide will empower many sectors which will help to enhance educational opportunities, healthcare services, job creation and industrial productivity.”
Meridiam’s deputy CEO and Africa head, Mathieu Peller said: “Rift Valley Energy is an investment which is true to Meridiam’s mandate and purpose, and we are pleased to partner with BII to grow the renewable energy projects being developed by the company. This facility affirms our confidence in Tanzania as a market, where the government has clear and ambitious economic development plans which we look forward to supporting through sustainable investment.”
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