‘Series A’ Investment Round Closes

‘Series A’ Investment Round Closes

Virunga Power raises $5m Series A; ElectriFI and REPP co-lead transaction with $2.5m commitment each

December 18, 2018

Virunga Power announces the first closing of its Series A corporate financing round with a total of US$ 5m invested. The Electrification Financing Initiative (“ElectriFI”) and the Renewable Energy Performance Platform (“REPP”) have co-led the round with commitments of $2.5m each. In addition to their corporate investments, ElectriFI and REPP will pursue aligned investments in project capital expenditure to support the development and construction of Virunga Power’s growing portfolio of run-of-river small hydroelectric and rural community electrification projects in the East and Southern Africa regions.

This new financing round will allow Virunga Power to deliver on its project pipeline in Kenya, Tanzania, Burundi, and Zambia. Additionally, the company intends to bring on new senior hires with specialized expertise in building and managing small hydro and rural utility projects.

“We are very excited to have ElectriFI and REPP on board as investors in our platform,” said Brian Kelly, Founder and CEO of Virunga Power. “It is very important to us to have investors who are aligned with our goals of expanding sustainable and practical electricity infrastructure across the continent, and we welcome the experience and acceleration that these investors can bring to our mission.”

Dominiek Deconinck, ElectriFI Fund Manager said: “What Virunga Power demonstrates is an incredible ability to structure and develop run-of-the-river hydro project in East Africa. We are willing to bring additional execution capacities and build Virunga Power’s track-record. Scaling Virunga Power’s model will be life- changing for thousands of people and will aim at commissioning over 50MW of clean energy in the coming years.”

Geoff Sinclair, Managing Director at Camco Clean Energy, which manages REPP, said: “We look forward to supporting Virunga Power as it develops projects across East Africa to bring clean power to thousands of people. Decentralised renewable energy initiatives offer a wealth of benefits to the region’s underserved rural communities - from being a cheaper and easier alternative to rolling out the national grid, to providing a high quality, clean and reliable supply of electricity. This investment in Virunga Power will be key to its success in the next few years.”

About Virunga Power

 Virunga Power is a developer, investor, and operator of small-scale renewable energy projects in East and Southern Africa that provide low cost and high quality power to rural communities. Formed in 2011 and with a strong presence in the region, its business model blends utility-scale generation with new permanent electrification infrastructure for rural households and businesses through a unique “grid-as-anchor” approach to energy access expansion. Virunga Power's team of experienced professionals in development, finance, contracting, construction and design along with the Company's access to capital and flexible, hands on approach have enabled the company to become an attractive platform for other developers in the region.  

For more information, please visit:  www.virungapower.com

For more information, please visit: www.virungapower.com




About ElectriFI

The Electrification Financing Initiative (ElectriFI) is an impact investment facility with a mandate to invest in on- and off-grid early stage private companies and projects focusing on new/improved connections as well as on generation capacity from renewable energy sources in emerging markets. Typical business models include solar home systems, mini-grids, IPPs and captive power production. Core investors are the European Commission and the USAID Power Africa.

EDFI Management Company NV manages ElectriFI, and its sister-fund AgriFI (the Agriculture Financing Initiative) in close association with the 15 European Development Finance Institutions (EDFI) as well as many other like-minded investors.

For more information, please visit:  www.electrifi.eu

For more information, please visit: www.electrifi.eu




About REPP


The Renewable Energy Performance Platform (REPP) works to mobilise private sector development activity and investment in small to medium-sized projects (typically up to 25MW), and is supported with £148m ($186m) funding from the UK’s Department for Business, Energy and Industrial Strategy (BEIS) and the International Climate Finance initiative. REPP is managed by Camco Clean Energy, a global leader in sustainable energy projects finance.

For more information, please visit:  www.repp.energy  and  www.camco.energy

For more information, please visit: www.repp.energy and www.camco.energy






Media & Investor Contact Information

Virunga Power 

Barrett Gold
Principal, Investments


Quentin Antoine
Senior Investment Officer


Benjamin Hugues
Investment Director


Virunga Power and InfraCo Africa Announce Partnership


Virunga Power and InfraCo Africa Announce Partnership

London: InfraCo Africa signed a Convertible Loan Agreement (CLA) with Virunga Power (a developer of rural utility projects in East Africa) committing US$0.4m to complete development activities for a 2.5MW mini-hydro project (“Lilondi”) in south-west Tanzania. The CLA also anticipates further support from InfraCo Africa to cover construction costs for the Lilondi project...


USTDA Supports U.S. Business Opportunities in Kenyan Power Sector


USTDA Supports U.S. Business Opportunities in Kenyan Power Sector

Washington, D.C. – The U.S. Trade and Development Agency signed a grant with Virunga Power Kenya Limited supporting the development of three run-of-river hydroelectric plants in Kenya.

The grant funds a feasibility study that will evaluate the viability of the sites for power generation and examines the best approach for connecting local homes and businesses to clean, reliable electricity. A U.S. firm will be selected on a competitive basis to perform the feasibility study.

“We are very excited to work with USTDA on these run-of-river hydroelectric projects in Kenya,” said Brian Kelly, Virunga Power Kenya Limited’s Founder and Managing Director. “These funds will help Kenya reach its rural electrification targets, in addition to promoting the business case for community co-ownership and participation in small renewable energy projects across the region and beyond.”

“The study will provide opportunities for U.S. industry to supply products and services that will advance Kenya’s power goals,” said Lida Fitts, USTDA’s Regional Director for Sub-Saharan Africa. The study will allow the developers to identify U.S. equipment manufacturers and service providers that are well-positioned to outfit the hydroelectric plants.


Renewable Energy Performance Platform signs with Virunga Power


Renewable Energy Performance Platform signs with Virunga Power

The Renewable Energy Performance Platform (REPP), launched at the beginning of this year, has signed a Support Agreement for its first project. The project comprises two run-of-the-river mini-hydro power plants, in the Murang’a and Bungoma counties of Kenya, which are being jointly developed by Virunga Power and local community organizations. Once fully developed, the project will have a total combined capacity of 10 MW of clean energy generation which will be supplied to the Kenyan national grid. In addition, the project will also supply power to the local rural community either through a mini-grid or expansion of the current national power grid to surrounding communities.

With the REPP’s support, the project will provide electrification to local communities that will enable sustainable development and a range of positive community benefits. The nature of the support that the REPP will provide to Virunga Power is built around early stage technical assistance during the developmental phases of the projects, as well as assistance with financial structuring... CONTINUE READING



Providing a jolt of support to power the minigrid market

Indian Prime Minister Narendra Modi and United States President Barack Obama announced Tuesday two new initiatives mobilizing up to $1.4 billion to finance India’s commitment to universal energy access.

Minigrids are renewable energy-based electricity generators that serve a set of consumers. They make up a major part of Modi’s promise to provide electricity to all Indians by 2019. Many have asked whether minigrids could be the next big opportunity beyond the grid. And with this influx of capital, Modi is well-positioned to put that question to the test as he looks to power the more than 18,000 villages that currently lack electricity...

For these success stories to scale in Africa, minigrids must rely on champions who can mobilize the money needed to bridge the market imperfections.

“I’m becoming increasingly obsessed with minigrids,” said Andrew Herscowitz, coordinator for the United States government’s Power Africa initiative. He said it is incumbent on donors and governments to give minigrids a chance to be a part of the solution beyond India. “We have to try,” he said.

Herscowitz named two partners in Beyond the Grid, a Power Africa sub-initiative, as examples of companies that are demonstrating points of commercial viability across multiple places on the African continent. He mentioned Powerhive, which partners with utilities and independent power producers to provide microgrid electricity, and Virunga Power, which develops, invests in, and operates rural distribution grids... CONTINUE READING