Axian Energy and Fortis Green acquire solar power plant assets in Rwanda

Fortis Green Renewables Investment Management, a renewable energy investment firm currently investing from its Green Fund I, and AXIAN Energy, a division of AXIAN’s Pan-African Group, announced the acquisition of a stake in Gigawatt Global Rwanda Ltd (Gigawatt Rwanda), a solar power plant located in Rwanda, at Agahozo-Snalom South Village in Rwamagana.

As part of the transaction, Fortis Green Fund I Rwanda Holdings Ltd holds a 51% stake in Gigawatt Global Rwanda Ltd, while NEA Rwanda Ltd, a subsidiary of AXIAN Energy, holds the remaining 49%. NEA Rwanda Ltd also holds a 100% stake in Scatec Solar Rwanda and is providing operational and maintenance services for the project with its expertise.

Fortis Green, Axian Energy and the selling group – consisting of Scatec ASA, Norfund and KLP Norfund – signed share purchase agreements in December 2023 and February 2024, which initiated the acquisition, and the transaction was completed on 30 July 2024. Hogan Lovells is legal advisor to the buyers.

Strategic investment in energy integration in Africa


For Fortis Green Renewables, this investment represents a significant step in the development of Green Fund I, as it provides investors with access to another stable and sustainable operating resource located in the attractive Rwandan market. For Axian Energy, the acquisition marks its entry into the Rwandan market and reinforces its commitment to energy integration in Africa.

“We are pleased to add Gigawatt Rwanda to the portfolio of Green Fund I, our second operating asset in the Rwandan market. Fortis Green Renewables is committed to the development and exploitation of clean and renewable energy on the African continent and this asset is a perfect fit for our vision,” says Benito Grimaudo, Managing Director of Fortis Green Renewables Investment Management.

Jonathan Shafer, Managing Director of Fortis Green Renewables Investment Management added: “Good partners are key to our success and we couldn’t be happier to have entered into this transaction with the Axian Energy team. We are also honored to be working with Agahozo-Shalom Youth Village, an organization doing incredible work with some of the most vulnerable children in Rwanda.”

For Benjamin MEMMI, CEO of the Axian Energy cluster, the acquisition is part of Axian Energy’s strategy to diversify and expand its portfolio of renewable energy assets: “The acquisition of the Rwamagana solar power plant marks our first operation in the Rwandan market. We are excited about this collaboration with our local partner Fortis Green Regewables, with whom we share a common ambition: to provide sustainable and accessible energy solutions that improve the daily lives of local communities.”

Pioneering solar power plant serving Rwandan community

The solar power plant, located 60 km east of Kigali, with a capacity of 8.5 MW DC, began operations in 2014 and provides reliable power to almost 140,000 beneficiaries through a 25-year power purchase agreement with Rwanda Energy Group. With over 28,000 solar panels on a 50-acre site, the project was the first grid-scale solar power plant connected to the regional grid and improved access to clean and renewable energy in Rwanda. The project debt was and continues to be provided by FMO and the Emerging Africa Infrastructure Fund (EAIF).

The project is located on the grounds of Agahozo-Shalom Youth Village (ASYV), a 144-acre housing development in Rwamagana, Rwanda. Originally established as a refuge for youth orphaned during and after the 1994 Tutsi genocide, it now serves some of Rwanda’s most vulnerable youth. The village is dedicated to providing education, medical and mental health services, extracurricular activities, and a caring family environment, offering them a place of hope, where the Kinyarwanda word “agahozo” symbolizes the drying of tears.

www.fortisgreenrenewables.com

www.axian-group.com