The IJInvestor Awards 2024 Social Infrastructure of the Year Acquisition was awarded to Fortis Green Renewables Investment Management and Axian Energy’s acquisition of Gigawatt Global Rwanda solar power project. 

While not specifically a social infra asset, the judges felt that the social good the deal is doing warranted the accolade.   

The transaction saw the JV acquire the solar power project from Scatec, Norfund and KLP Norfund. Fortis Green acquired a 51% stake in the project through its Green Fund I vehicle. While NEA Rwanda – a subsidiary of Axian Energy – acquired the remaining 49% stake.  

The deal was signed in December 2023 and the transaction completed on 30 July.  

Gigawatt Global Rwanda is a solar power plant in Rwanda on the grounds of the Agahozo Shalom Youth Village in Rwamagana. 

Originally established as a sanctuary for youth orphaned during and after the 1994 Genocide Against the Tutsi, it now serves Rwanda’s most vulnerable youth.  

The village is dedicated to providing education, medical and mental health services, extracurricular activities and a nurturing family environment, offering them a place of hope where the Kinyarwanda word ‘agahozo’ symbolises the drying of tears.  

The rent of the land goes to the village and the good things the village does. This aspect of the transaction was very important and one of the reasons both shareholders invested in the project. 

Judges said transaction proved the attractiveness of the Rwandan market to foreign private capital.  

They also felt that the complex nature and good outcomes for the surrounding community made it a shoo in for the award in the region.