BII signs to Provide $15m for Renewable Energy including Women-led Projects

Development finance institution (DFI) and impact investor of UK, British International Investment (BII) has signed an agreement to provide $15m with the possibility to increase it to $25m, to Meridiam-managed and -owned renewable energy platform Rift Valley Energy (RVE). For Tanzania’s future renewable energy projects that are also owned by women, it will assist RVE’s ambitious investment and development plan.

BII, that caters in the Financial Services industry, is backed by the UK Government and currently partners with almost 1,500 businesses, specialising in development finance, emerging markets investment, private equity fund investing and many more.

Nick O’Donohoe, Chief Executive Officer of BII stated, “Millions of people in Tanzania do not have access to energy and this greatly impacts on their ability to access essential services and opportunities. This agreement with Meridiam to support Rift Valley Energy will improve the lives of thousands of people in rural Tanzania as the energy it will provide will empower many sectors which will help to enhance educational opportunities, healthcare services, job creation and industrial productivity.”

Furthermore, Mathieu Peller, Deputy CEO and Africa Head of Meridiam added, “Rift Valley Energy is an investment which is true to Meridiam’s mandate and purpose, and we are pleased to partner with BII to grow the renewable energy projects being developed by the company. This facility affirms our confidence in Tanzania as a market, where the Government has clear and ambitious economic development plans which we look forward to supporting through sustainable investment.”