Fortis Green Renewables Investment Management, an investment firm focused on renewable energy through its Green Fund I, and AXIAN Energy, a division of the Pan-African AXIAN Group, have completed the acquisition of stakes in Gigawatt Global Rwanda Ltd (Gigawatt Rwanda). The solar power plant is situated on the grounds of the Agahozo-Shalom South Village in Rwamagana, Rwanda.
Ownership and Transaction Details
Under the terms of the transaction, Fortis Green Fund I Rwanda Holdings Ltd now holds a 51% stake in Gigawatt Global Rwanda Ltd, while NEA Rwanda Ltd, a subsidiary of AXIAN Energy, owns the remaining 49%. NEA Rwanda Ltd also fully owns Scatec Solar Rwanda and provides operational and maintenance services for the project. The share purchase agreements were signed in December 2023 and February 2024, with the final transaction completed on July 30th, 2024. Hogan Lovells served as the legal advisor for the buyers.
Strategic Significance
For Fortis Green Renewables, this acquisition represents a major milestone for Green Fund I, offering investors access to a stable and operational asset in Rwanda. For AXIAN Energy, this marks its entry into the Rwandan market and reinforces its dedication to energy inclusion across Africa.
Benito Grimaudo, Managing Director of Fortis Green Renewables Investment Management, expressed enthusiasm about adding Gigawatt Rwanda to their portfolio, noting the alignment with their vision for clean and renewable energy in Africa. Jonathan Shafer, Managing Director, highlighted the importance of partnerships, particularly with Axian Energy and the Agahozo-Shalom Youth Village.
Benjamin MEMMI, CEO of Axian Energy, emphasized that this acquisition aligns with their strategy to diversify and expand their renewable energy portfolio, and is excited about the collaboration with Fortis Green Renewables to provide sustainable energy solutions.
Impact on the Rwandan Community
The solar power plant, located 60km east of Kigali, boasts a capacity of 8.5 MW DC and has been operational since 2014. It provides reliable power to approximately 140,000 beneficiaries through a 25-year power purchase agreement with the Rwanda Energy Group. With over 28,000 solar PV panels spread across a 50-acre site, it was the first grid-scale solar power plant in the region, enhancing access to clean energy in Rwanda.
The plant is situated on land owned by the Agahozo-Shalom Youth Village (ASYV), which spans 144 acres in Rwamagana. ASYV, established as a refuge for children orphaned during and after the 1994 Genocide Against the Tutsi, now supports vulnerable youth with education, healthcare, and a nurturing environment. The village’s mission is reflected in its name, “agahozo,” symbolizing the drying of tears and offering hope and support to Rwanda’s most vulnerable children.
