Meridiam’s Tanzanian renewables platform supports BII UK | News

British development finance institution British International Investment (BII) is investing up to $25 million (€23.3 million) in Meridiam’s renewable energy project platform in Tanzania.

BII is providing an initial $15 million to Rift Valley Energy (RVE) to fund the company’s investment and development plan for future renewable energy projects, with the option to increase the capital commitment by a further $10 million.

BII’s capital will be used to support the development of new wind and hydropower projects, complementing RVE’s existing run-of-river hydropower plants and Tanzania’s only operating wind farm, Mwenga Wind.

RVE – acquired by asset manager Meridiam in 2023 – owns, operates and develops a 30MW renewable energy generation portfolio with its subsidiary Mwenga Power Services, which operates two rural distribution networks in Tanzania.

Nick O’Donohoe, CEO of BII, said: “Millions of people in Tanzania have no access to energy, which has a huge impact on their access to basic services and opportunities.

“This agreement with Meridiam to support Rift Valley Energy will improve the lives of thousands of people in rural Tanzania because the energy it will provide will empower many sectors, which will help increase educational opportunities, healthcare services, job creation and industrial productivity.”

Meridiam Deputy CEO and Head of Africa, Mathieu Peller, said: “Rift Valley Energy is an investment in line with Meridiam’s mandate and purpose, and we are delighted to be working with BII to advance the company’s ongoing renewable energy projects.

“This facility reaffirms our confidence in Tanzania as a market where the government has clear and ambitious economic development plans that we look forward to supporting through sustainable investment.”

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