Fortis Green And AXIAN Energy’s Strategic Solar Plant Acquisition Supports Rwanda’s Green Future

Fortis Green Renewables Investment Management and AXIAN Energy have announced their acquisition of stakes in Gigawatt Global Rwanda Ltd, a solar power plant located at the Agahozo-Shalom Youth Village in Rwamagana. Fortis Green now holds 51% of Gigawatt Global Rwanda, while AXIAN Energy’s subsidiary, NEA Rwanda Ltd, owns the remaining 49%.

The acquisition, completed on July 30, 2024, follows share purchase agreements signed in late 2023 and early 2024, with Hogan Lovells advising the buyers. This investment supports Fortis Green’s Green Fund I and marks AXIAN Energy’s entry into the Rwandan market.

Gigawatt Rwanda’s solar power plant, operational since 2014, boasts a capacity of 8.5 MW DC and serves approximately 140,000 beneficiaries. The project, which includes over 28,000 solar panels on a 50-acre site, has significantly improved access to clean energy in Rwanda.

Fortis Green’s Managing Director, Benito Grimaudo, emphasized the importance of this acquisition for the development of green energy in Africa. AXIAN Energy’s CEO, Benjamin Memmi, highlighted the acquisition as part of the company’s strategy to diversify its renewable energy assets and contribute to sustainable energy solutions.

The solar plant, located 60km east of Kigali, is the first grid-scale solar facility in the region, supported by project debt from FMO and the Emerging Africa Infrastructure Fund. It operates under a 25-year power purchase agreement with the Rwanda Energy Group and sits on land owned by the Agahozo-Shalom Youth Village, a residential community for vulnerable youth in Rwanda.