Axian Energy, a division of the Pan-African conglomerate, AXIAN Group, owned by Malagasy tycoon Hassanein Hiridjee, has acquired a significant stake in Gigawatt Global Rwanda Ltd, marking its entry into the Rwandan renewable energy market.
The acquisition, finalized on July 30, 2024, follows share purchase agreements with sellers Scatec ASA, Norfund, and KLP Norfund signed in December 2023 and February 2024. Legal advice for the buyers was provided by Hogan Lovells.
Fortis Green, Axian take over solar plantGigawatt Global Rwanda, an 8.5 MW solar power plant located 60 kilometers east of Kigali, has been operational since 2014 and provides electricity to 140,000 people under a 25-year power purchase agreement with Rwanda Energy Group. The facility, covering 50 acres and housing over 28,000 solar PV panels, plays a crucial role in enhancing clean energy access in the region.
Under the new ownership structure, Fortis Green Fund I Rwanda Holdings Ltd will hold a 51 percent stake in Gigawatt Global Rwanda, with Axian Energy's NEA Rwanda Ltd owning the remaining 49 percent. NEA Rwanda Ltd, which fully owns Scatec Solar Rwanda, will oversee the plant's operations and maintenance.
