Ruaha River Power Company has received an equity investment to expand its renewable energy business in Tanzania.
The money will be used to acquire heavy equipment, vehicles and facilities in the African country for grid-connected hydro and solar, as well as off-grid hybrid projects.
The company said the finance came from investors in south-east Asia, the US and Hong Kong.
Ruaha River Power chief executive officer J Tate said: “We now have two hydropower feasibility studies in process, a completed solar insolation and feasibility study, and are launching an isolated mini-grid.
“Our progress brought us to the point where the company required additional equipment and facilities in order to launch and sustain our momentum.
“This equity investment has enabled us to acquire a good mix of heavy equipment, vehicles, and facilities that will support our initiatives as we begin to deliver power and generate revenue.”
Image: sxc
