BII backs Rift Valley Energy’s renewables pipeline in Tanzania

British International Investment (BII) has committed to providing USD 15 million (EUR 13.9m) to renewable energy platform Rift Valley Energy (RVE) to support the financing and installation of new wind and hydropower projects with a combined capacity of 7.6 MW in Tanzania.

The UK’s development finance institution noted in a statement on Tuesday that the support could be potentially increased to USD 25 million.

The targeted projects will be deployed close to RVE’s existing run-of-river hydropower assets as well as the only operational wind farm in Tanzania -- Mwenga Wind. Once operational, the output of the new grid-connected facilities will power 170,000 people annually and allow the connection of 4,000 businesses and households to the power distribution network.

RVE is a Tanzanian renewable energy infrastructure development company owned by Paris-based investor and asset manager Meridiam. It owns, operates and is developing a portfolio of 30 MW of renewables, while its subsidiary Mwenga Power Services operates two rural distribution networks of 460 kilometres (285 mi).

(USD 1 = EUR 0.933)

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