The financing will support the installation of an additional 7.6MW of renewable energy for Tanzania’s national grid. This expansion will supply energy to around 170,000 people per year and connect 4,000 businesses and households to the grid for the first time. Approximately 1,800 new jobs powered by this energy will be created. By the end of 2027, this initiative is expected to avoid up to 17,000 tonnes of carbon emissions annually.
The DFI’s support will contribute to the financing and installation of new wind and hydropower capacity – increasing the national grid’s supply of sustainable and affordable electricity to businesses and communities in low-income areas in rural Tanzania. The projects will sit alongside RVE’s existing run-of-river hydros as well as the only operational wind farm in Tanzania – Mwenga Wind.
RVE, a Tanzania-based renewable energy infrastructure development company, is wholly owned by Meridiam, an independent investment Benefit Corporation and an asset manager that specialises in the development, financing, and long-term management of sustainable public infrastructure. Meridiam acquired RVE in 2023 with a view to grow its generation assets.
BII’s Chief Executive Officer, Nick O’Donohoe, during his week-long visit to East Africa including Tanzania, said:
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.
For more information, please visit BII’s website.
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