REPP invests US$2.5m in Virunga Power
Small-scale renewable energy developers Virunga Power today announced the first closing of its Series A corporate financing round with a total of US$ 5m invested – half from REPP, the rest from the Electrification Financing Initiative (ElectriFI), a REPP partner.
In addition to the corporate investments, REPP and ElectriFI will pursue aligned investments in project capital expenditure to support the development and construction of Virunga Power’s growing portfolio of run-of-river small hydroelectric and rural community electrification projects in the East and Southern Africa regions.
The new financing round will allow Virunga Power to deliver on its project pipeline in Kenya, Tanzania, Burundi, and Zambia, bringing clean power to thousands of people across the countries. The company will be bringing on new senior hires with specialised expertise in building and managing small hydro and rural utility projects.
Find out more here.