Clean Energy | June 20, 2024

BII commits $15 million to Meridiam to spur renewable energy development in Tanzania

Lucy Ngige
Guest Author

Lucy Ngige

The Tanzanian government is nearly halfway to its goal of providing universal energy access to the country’s 65 million people by 2030. Funding from British International Investment will help develop new wind and hydropower projects in southern Tanzania, bringing sustainable power to low-income rural communities.

The $15 million investment from the UK development finance institution will be directed to Rift Valley Corp., acquired last year by the Paris-based sustainable infrastructure developer Meridiam. Rift Valley Corp. owns 30-megawatts of clean energy assets and two rural distribution networks serving more than 75,000 people.

The capital will finance up to 7.6 megawatts of new renewable energy generation for Tanzania’s energy grid, connect 4,000 households and businesses and support 1,800 factory jobs.

BII could increase its investment by another $10 million.

BII’s recent infrastructure deals in Africa include last month’s $30 million anchor investment in telecom infrastructure company Helios Towers’ public bond offering.