The Norwegian firm sold its 54% stake in the project to Fortis Green Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd.
According to the company, the transaction marks Scatec's exit from the Rwandan market and is part of its broader strategy to optimize its investment portfolio.
'We continue to deliver on our strategy to consolidate our portfolio through divestment of assets in non-core markets, and recycling capital into new investments in renewable energy. We are very satisfied with the closing and would like to thank the teams in Scatec, Fortis, Axian, and other parties involved for a successful transaction.
'We are confident that the new owners will take good care of the solar power plant and continue to deliver clean renewable energy to the Republic of Rwanda for many years to come,' Scatec CEO Terje Pilskog stated.
The buyout supports Fortis Green's Green Fund I and marks AXIAN Energy's entry into the Rwandan market.
Fortis Green's Managing Director, Benito Grimaudo, noted that the acquisition will contribute to development of green energy in Africa. AXIAN Energy's CEO, Benjamin Memmi, said the acquisition is part of the company's strategy to diversify its renewable energy assets and contribute to sustainable energy solutions.
The three companies signed the buyout agreement in December 2023, and the deal was scheduled to close before the end of 2024.
The solar power plant, located at the Agahozo-Shalom Youth Village in Rwamagana, began operations in 2014.
The project includes over 28,000 solar panels on a 50-acre site and has significantly improved access to clean energy in Rwanda, serving approximately 140,000 residents.
The generated power was sold under a 25-year Power Purchase Agreement with the state-owned utility, Electricity, Water and Sanitation Authority (EWSA).
Wycliffe Nyamasege
Source : https://en.igihe.com/business/article/scatec-sells-solar-power-plant-in-rwanda-for-1-38-million
