STOA impact fund signs a USD 35 million investment in Serengeti Energy. By partnering with this independent power producer active in the sub-Saharan region and specialised in small-scale hydroelectric projects, STOA supports the production of and access to sustainable energy.
On June 1st, 2022, STOA impact fund signed a USD 35 million investment in Serengeti Energy. Through this commitment, STOA supports the production of renewable energy and contributes to improving access to electricity in sub-Saharan Africa. This is a far-reaching investment and a driver of sustainable economic development in a region where power generation infrastructure and the capital to finance it are still lacking.
STOA is leading this USD 80 million capital round contributed alongside Proparco, the private sector arm of the French Development Agency, and Swedfund, the Swedish development finance agency. Those three new shareholders will be joining KfW, from Germany, Norfund, from Norway, and the Nordic Development Fund. This latest capital raise is a successful path on Serengeti Energy objective to own and operate a portfolio of more than 300MW by 2030.
This transaction fits perfectly with STOA commitment to dedicate at least 50% of its investments in Africa and towards projects with climate benefits. Serengeti Energy will also contribute to STOA goals to finance an installed capacity of more than 1 500 megawatts and provide access to electricity to the equivalent of more than 4 million people through its direct financings before the end of 2024.
« Founded in 2013, Serengeti Energy has established itself in the development of sustainable energy projects. The company is recognised for its expertise in the development, financing, operation and maintenance of small hydroelectric plants, explains Jean-Pierre Barral, Deputy CEO of STOA. Those run of the river projects have limited impact on the environment and can provide baseload power to the grid. We are proud to partner with Serengeti Energy to provide a new impetus to the development of the company »
To date, Serengeti Energy’s portfolio of assets includes seven operating plants located in South Africa, Uganda, and Rwanda. In the near future, two additional projects currently under construction in Malawi and Sierra Leone will bring the total installed capacity to over 70 MW.
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Launched in 2017 as a subsidiary of Caisse de Dépôts and Agence Française de Développement, we are a leading impact investor in infrastructure and energy. Our purpose: financing and supporting the development of sustainable and resilient infrastructure for future generations in Africa, Latin America and Asia
About Serengeti Energy
Serengeti Energy is an African independent power producer established in 2013 and headquartered in Nairobi, Kenya. The company focuses on investing in and co-developing small to medium-sized grid connected renewable energy projects in Sub-Saharan Africa with a primary focus on small-scale hydro and solar power as wells as wind.