Virunga Power
Period
2018
Country
Burundi, Kenya, Rwanda, Tanzania, Zambia
Sector
Renewable energy
Financial facility
ElectriFI
ElectriFI committed to a USD 2.5 million investment in Virunga Power, a developer of small-scale rural utility hydro projects as part of a USD 5m Series A together with REPP.
Project overview
EDFI ElectriFI committed USD 2.5 million in Virunga Power financing round allow the company to deliver on its project pipeline in Kenya, Tanzania, Burundi, and Zambia. Additionally, the Virunga Power intends to bring on new senior hires with specialised expertise in building and managing small hydro and rural utility projects.
Virunga Power is a developer, investor and operator of renewable projects and rural distribution grids. Projects under development by Virunga Power include run-the-river small hydro of 3 to 20 MW installed capacity. Its business model incorporates local communities into the development, ownership, and operations of its projects. Virunga Power takes a “grid-as-anchor” approach to expanding electrification by both supplying power to national grids under long-term contracts as well as providing new connections and electricity supply to local household and business consumers with a focus on stimulating productive use of power.
Funding objective
This new financing round will allow Virunga Power to deliver on its project pipeline in Kenya, Tanzania, Burundi, and Zambia. Additionally, the company intends to bring on new senior hires with specialised expertise in building and managing small hydro and
rural utility projects.
Investment rationale
EDFI ElectriFI acts as a cornerstone investor supporting Virunga Power to turn into a successful run-the-river hydro project developer which actively supports long-term gains to local communities surrounding its
projects.
Key Indicators
Financial Instrument
Equity
Amount
USD 2.5m
Year
2018
Targeted impact – Number of beneficiaries
570,289
Targeted impact – Annual output (MWh/y)
83,866
Targeted impact – GHG avoidance (tCO2eq/y)
50,647
