Meridiam grows renewable portfolio in Tanzania

RVE was previously held by Rift Valley Corporation. (Image source: Meridiam)

Meridiam, a global investor and asset manager, has completed the acquisition of Rift Valley Energy Tanzania (RVE), a renewable energy infrastructure platform, with a 30MW renewable energy generation portfolio in operation, construction and development stages

RVE has also developed two rural distribution networks in southern Tanzania to serve a population of more than 75,000. Through the acquisition, Meridiam hopes to support RVE in delivering its projects and expanding rural electrification in Tanzania. 

Mathieu Peller, deputy CEO of Meridiam, commented, “This acquisition, our first in Tanzania, reinforces and complements our clean energy footprint in the region. As a matter of fact, in Kenya, we recently invested in 250MW wind and solar projects in operations and development and are currently building a 150MW geothermal plant in Ethiopia. Rift Valley Energy illustrates our ambition to support the ecological transition in Africa and actively participate in the transformation of the Tanzanian Power mix.”

Michael Gratwicke, CEO of Rift Valley Energy, added, “We have always considered ourselves a market leader in the rural renewable energy generation segment, which have been completely transformative within the areas where operate. We are frankly delighted that a large infrastructure investment fund such as Meridiam has recognised this, and has elected to invest into this strategically important sector, and we very much look forward to the exciting journey ahead.”