A landmark transaction in East Africa’s renewable energy sector has been finalized, with Fortis Green Renewables Investment Management and AXIAN Energy confirming their acquisition of the Gigawatt Global Rwanda Ltd solar plant. The deal, which closed on July 30, 2024, establishes a new ownership structure where Fortis Green holds a majority 51% stake through its Green Fund I, and AXIAN Energy’s subsidiary, NEA Rwanda Ltd, possesses the remaining 49%. This move marks a significant entry into the Rwandan market for AXIAN Energy and expands Fortis Green’s portfolio with its second operational asset in the country.
Fortis Green And AXIAN Energy Acquire Solar Farm in Rwanda: A Strategic Partnership
Located 60 km east of Kigali in Rwamagana, the 8.5 MW DC solar farm has been a cornerstone of Rwanda’s clean energy infrastructure since it became operational in 2014. Spread across a 50-acre site, the facility utilizes over 28,000 solar PV panels to generate electricity for approximately 140,000 people. The plant operates under a 25-year power purchase agreement with the Rwanda Energy Group, securing its role in the nation’s grid for the long term.
For both companies, this renewable energy investment is a calculated step toward ambitious goals. Benjamin Memmi, CEO of AXIAN Energy, described the acquisition as a pivotal first operation in Rwanda. “We are thrilled about this collaboration with our local partner Fortis Green Renewables, with whom we share a common ambition: to provide sustainable and accessible energy solutions that improve the daily lives of local communities,” he stated.
Echoing this sentiment, Fortis Green leadership highlighted the strategic fit and the importance of collaboration. “We are pleased to add Gigawatt Rwanda to the Green Fund I portfolio,” said Benito Grimaudo, Managing Director of Fortis Green. “Fortis Green Renewables is committed to developing and operating clean and renewable energy for the African continent, and this asset fits perfectly into our vision.”
Pioneering Power with a Social Mission
This particular business venture is distinguished by its unique location on land owned by the Agahozo-Shalom Youth Village (ASYV). The ASYV is a residential community founded to support and educate vulnerable youth, particularly those orphaned after the 1994 Genocide against the Tutsi. The solar farm not only contributes to Rwanda’s sustainable development goals but also directly supports the village’s mission by providing a source of revenue and energy resilience.
Jonathan Shafer, another Managing Director at Fortis Green, underscored this connection: “Great partners are the key to our success and we could not be more pleased to be entering into this transaction with the team at AXIAN Energy. Additionally, we are honoured to be partnering with the Agahozo-Shalom Youth Village – an organisation doing incredible work with the most vulnerable children in Rwanda.”
As the first utility-scale solar project connected to the national grid, the Rwamagana plant continues to demonstrate the viability of large-scale solar in meeting the region’s power demands. With this new ownership, the facility is poised for enhanced operational efficiency, ensuring it remains a beacon of progress in Africa’s transition to cleaner energy.
Sources
- Expansion of AXIAN Energy in Rwanda with the Acquisition of Solar …
- AXIAN Energy and Fortis Green acquire solar plant assets in Rwanda
- Fortis Green Fund I Rwanda Holdings Ltd, a fund managed by Fortis …
- Fortis Green Renewables in Rwanda solar power deal
- AXIAN Energy and Fortis Green acquire solar plant assets in Rwanda.
- Fortis Green and AXIAN Energy Acquire Solar Plant Assets in Rwanda
- Fortis Green And AXIAN Energy’s Strategic Solar Plant Acquisition …
- Axian Energy buys Gigawatt Global Rwanda – lejournaldesarchipels
- AXIAN Energy expands in Rwanda with the acquisition of solar assets
