Region: Virunga Power raises $5m


18 Dec 2018 | 1 minute read

Small-scale renewable energy developer Virunga Power announced on 18 December that it has raised $5m in its series A corporate financing round. The Electrification Financing Initiative (ElectriFI), a facility funded by the European Commission, and the Renewable Energy Performance Platform (REPP) both committed $2.5m in the round. REPP is backed by the United Kingdom’s Department for Business, Energy and Industrial Strategy and the International Climate Finance initiative. ElectriFI and REPP will also invest alongside Virunga Power to grow its portfolio.

The new financing is intended to allow the company to develop its project pipeline in Kenya, Tanzania, Burundi, and Zambia, as well as to bring in additional staff. ElectriFI fund manager Dominiek Deconinck said, “what Virunga Power demonstrates is an incredible ability to structure and develop run-of-river hydro projects in East Africa. We are willing to bring additional execution capacities and build Virunga Power’s track-record.”

Find a power plant on our database and don't miss our 15% Christmas discount on subscriptions to our fortnightly publication African Energy.

Request a Live Data demonstration

Contact Alex Wark to see an in-person demo of the platform and explore subscription options.

We can answer any questions you may have and discuss how the platform can be best used to help your business.

Tel: +44 1424 721667

Or request a 30 min platform demo

How we source our data