Fortis Green Signs Rwandan Hydropower Contract

Fortis Green Renewables has struck a deal to acquire a significant minority stake in a Rwandan hydropower plant. The US-based renewable energy investment company bought a 40% stake in the 2.6MW Rwaza Hydropower run-of-waterway plant in the African country through its Green Asset I. The exchange was declared on 18 January, after the arrangement was finished on 28 December 2023.

The firm said it bought the stake permit green energy financial backers to channel their capital into a dependable resource in the Rwandan market. Fortis Green overseeing chief Jonathan Shafer said in a proclamation: “We have been following Rwaza for various years, and are satisfied to add it to our Green Asset I portfolio.” He added that the speculation “fits impeccably” with the company’s objective of “advancement and activity of perfect and environmentally friendly power for the African landmass”.

Fortis Green Renewables was instructed by a group with respect to attorneys from Hogan Lovells, including the association’s Africa practice co-head Arun Velusami.

The Rwandan energy project has been in activity beginning around 2019, and is the result of DC Hydropower and responsibility Renewable Energy Holding, which has since been renamed Serengeti Energy, and Frontier Energy. Frontier offered its stake to Serengeti Energy in Walk 2023, and Fortis Green finished its interest in the efficient power energy development through an all-out procurement of unique designer DC Hydropower.