STOA invests $35m into Serengeti Energy, an independent power producer active in the sub-Saharan region and specialised in small-scale hydroelectric projects. The aim is to promote sustainable energy development in this region of Africa.
STOA is leading this $80m capital round contributed alongside Proparco, the private sector arm of the French Development Agency, and Swedfund, the Swedish development finance agency. Those three new shareholders will be joining KfW, from Germany, Norfund, from Norway, and the Nordic Development Fund. This latest capital raise is a successful path on Serengeti Energy objective to own and operate a portfolio of more than 300MW by 2030.
This transaction fits perfectly with STOA commitment to dedicate at least 50% of its investments in Africa and towards projects with climate benefits. Serengeti Energy will also contribute to STOA goals to finance an installed capacity of more than 1,500 megawatts and provide access to electricity to the equivalent of more than 4 million people through its direct financings before the end of 2024.
Read the press release and know more