A New Era for Serengeti Energy
Nairobi 2nd June 2022 – The independent power producer Serengeti Energy has secured an additional USD 80 million in equity capital from Swedfund, the Swedish Development Finance Institution, Proparco, the French Development Finance Institution, and STOA, a French impact investment fund. The new investors will join the existing shareholders, Kreditanstalt Für Wiederaufbau (KfW), the Nordic Development Fund (NDF), the Norwegian Investment Fund for Developing Countries (Norfund), and responsAbility Investments AG, a swiss based impact investment company.
Chris Bale, Serengeti Energy CEO said “This is an exciting time for the Serengeti Energy team. The investment marks a new era for the company. The capital provided by our new investors will enable the company to develop and build over 100MW of new renewable energy capacity. The expansion will take place in both our existing and new markets. This means that we will now be able to continue to build the company to the benefit of our customers, communities and shareholders.’
Serengeti Energy has a strong track record in developing, constructing, and operating renewable power plants across sub-Saharan Africa. The company has seven operating hydro-electric power plants as well as two new solar PV plants under construction. The additional USD 80M investment will accelerate the company’s ambitious growth plan to have a total of 300MW of capacity in operation by the end of the decade.
About Serengeti Energy
Serengeti Energy was formed in 2021 after the merger of rAREH, based in Kenya, and REH Group in South Africa.
The company is an independent power producer developing, constructing and operating small to medium sized renewable energy plants up to 50MW capacity in sub-Sahara Africa.
