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.”