Rwaza Acquisition signing ceremony at Serengeti Energy Headquarters in Nairobi.
Serengeti Energy has acquired a majority stake in Rwaza 1, the 2.6MW run-of-river hydro power plant in Musanze, Rwanda, from Frontier Energy. Rwaza 1 was Serengeti Energy’s first operational hydro plant commissioned in September 2018. The company partnered with DC Hydropower Limited and Frontier Energy on the project.
In October 2022, Serengeti Energy and Frontier Energy signed a share purchase agreement that initiated the acquisition of Frontier Energy’s entire stake in the project and on 29th March 2023 the acquisition was completed, supported by Bowmans as legal transaction advisor.
A step closer towards Serengeti Energy’s goal
Serengeti Energy has an ambitious goal to have 300MWs of small to medium sized projects in its portfolio by 2030 in Sub-Sahara Africa. Becoming the majority owner in Rwaza 1 will support this and our mandate of a brighter tomorrow.
Co-CEOs Wilfred van den Bos and Solomon Njonjo affirmed that Serengeti Energy is paving the way for a sustainable future in Sub-Saharan Africa, by developing and operating small to medium sized renewable energy power plants. By becoming the majority owner in Rwaza 1, a project we jointly developed with Frontier and DCH, the company is able to grow its footprint in Rwanda with the aim to expand it further. Congratulations to the Frontier and the Serengeti Energy teams who made this transaction a success.
Renewable energy projects can be win-win-win for all parties involved
Founding partners of Frontier Energy, Daniel Schultz and Kim Gredsted remarked, “The Rwaza Hydro project has been a very successful investment for Frontier Energy’s first fund which started operations in 2011. Frontier Energy participated in the development, construction and operation of the Rwaza Hydro project and are now happy to exit the project successfully to Serengeti Energy as Frontier Energy’s first fund comes to an end. We have had a very good collaboration with Rwaza Hydro and Serengeti Energy about the project and the exit of the project and we would like to thank them for this and for a job well done.”
“The business model of Frontier Energy is to develop, construct, operate and eventually exit renewable energy projects in Sub-Saharan Africa. If this is done in the right way this will benefit not only Frontier Energy in the form a successful investment but also the environment in terms of green energy and the country which gets more power at an attractive price to the benefit of the population and the development of the country. Rwaza Hydro confirms the win-win-win aspect of our business.”