British International Investment (BII) has announced a commitment of USD 15 million (EUR 13.9 million) to Rift Valley Energy (RVE), a renewable energy platform in Tanzania. The funding is intended to support the financing and installation of new wind and hydropower projects totaling 7.6 megawatts (MW).
In a statement released on Tuesday, the UK's development finance institution highlighted the potential for the support to increase to USD 25 million. The targeted projects will be situated near RVE's existing run-of-river hydropower assets and the Mwenga Wind farm, currently Tanzania's sole operational wind facility.
Once operational, these grid-connected projects are expected to supply electricity to approximately 170,000 people annually and enable the connection of 4,000 businesses and households to the power grid.
RVE, a Tanzanian renewable energy infrastructure company owned by Paris-based investor and asset manager Meridiam, manages a portfolio of 30 MW of renewable energy projects. Its subsidiary, Mwenga Power Services, operates extensive rural distribution networks spanning 460 kilometers (285 miles).
