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

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

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.  

Fortis led the transaction on behalf of the buying, including originating the deal and selecting a capable and experienced financial and technical partner. 

Gigawatt Global Rwanda is a solar power plant in Rwanda on the grounds of the Agahozo Shalom Youth Village in Rwamagana. It began operations in 2014 and provides power to 140,000 beneficiaries via its 25-year PPA with the Rwanda Energy Group. 

The project is debt-financed by FMO and the Emerging Africa Infrastructure Fund (EAIF) – having signed agreements for the project in 2014. 

Success with an innovative approach, a judge said.  

Another member of the judging panel said: “This transaction is Fortis Green’s second transaction in Rwanda for the Green Fund I portfolio and shows complexity of execution and the attractiveness of the Rwandan renewables market to foreign private capital.” 

Advisers: 

• Hogan Lovells – legal