Meridiam buys renewables platform Rift Valley Energy Tanzania

Paris-based investor and asset manager Meridiam said on Tuesday that it has finalised the acquisition of Rift Valley Energy Tanzania (RVE), an infrastructure platform with a 30-MW renewables portfolio and rural distribution grids in Tanzania.

South-Eastern Africa-focused agricultural investor Rift Valley Corporation sold the entity to Meridiam for an undisclosed price.

RVE comes with a portfolio that includes two operating hydroelectric plants in the Southern Highlands of Tanzania, wind turbines with a total generation capacity of 7.3 MW and two hydro power projects under construction.

The firm has also developed two rural distribution networks totalling 460 kilometres (285.8 miles) in southern Tanzania, serving a population of more than 75,000 in 38 villages, Meridiam said.

The new owner intends to support RVE in its delivery of developing projects and continue to grow its rural electrification efforts in Tanzania.

“This acquisition, our first in Tanzania, reinforces and complements our clean energy footprint in the region,” commented Meridiam CEO Mathieu Peller.

“As a matter of fact, in Kenya, we recently invested in 250 MW wind and solar projects in operations and development and are currently building a 150 MW geothermal plant in Ethiopia. Rift Valley Energy illustrates our ambition to support the ecological transition in Africa and actively participate in the transformation of the Tanzanian Power mix,” Peller added.

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