About the fund
Renewable energy investor Fortis Green Renewables writes equity and flexible “equity-like” checks to renewable energy projects in East Africa. The US-based fund manager is raising its first fund to invest in smaller projects of 0.5-megawatt to 25-megawatt in size, which struggle to raise capital because they’re seen as more risky and costly to underwrite by commercial investors.
Fortis is eying $25 million for the fund and will write checks of $1 million to $5 million in projects that are both in development and under construction. It has so far made four investments, which include a 51% equity stake in a 8.5-megawatt solar project in eastern Rwanda and a $1.5 million investment in Hydrobox, a Kenyan hydro mini-grid developer.
