The UK’s development finance Institution British International Investment (BII) British International Investment (BII) has committed USD 15 million (EUR 13.9 million) to Rift Valley Energy (RVE) to support new wind and hydropower projects in Tanzania.
The projects will complement RVE’s existing run-of-river hydropower facilities and Tanzania’s sole operational wind farm, Mwenga Wind.
“This agreement with Meridiam to support RVE will improve the lives of thousands of people in rural Tanzania as the energy it will provide will empower many sectors which will help to enhance educational opportunities, healthcare services, job creation and industrial productivity,” said BII’s Chief Executive Officer, Nick O’Donohoe.
The project aims to supply sustainable electricity to approximately 170,000 people annually, while connecting 4,000 businesses and households to the grid for the first time. Additionally, it is expected to create about 1,800 new jobs and reduce up to 17,000 tons of carbon emissions per year by 2027.