By Faridat Salifu
Norwegian Investment Fund for Developing Countries (NORFUND) has announced its decision to sell off its stakes in two operational solar photovoltaic power plants, located in Rwanda and Mozambique.
NORFUND’s Vice President overseeing renewable energy, Mark Davis, who recently disclosed this, emphasized that the sale of these assets is a strategic move aimed at reallocating capital to initiatives with a more profound impact on poverty alleviation and emission reduction.
The decision, he said, aligns with NORFUND’s ongoing commitment to invest in decentralized solar systems for rural electrification, as evidenced by its involvement in WeLight alongside Axian Energy and Sogemcom.
In rural areas of Madagascar and Mali, NORFUND is actively installing small electricity networks powered by photovoltaic solar energy.
In Mozambique, NORFUND is parting ways with its share in the 40 MWp Macuba solar photovoltaic plant, transferring ownership to Globeleq, an independent power producer (IPP) jointly owned by NORFUND and British International Investment (BII).
Meanwhile, in Rwanda, NORFUND’s involvement in the construction of the country’s inaugural photovoltaic solar power plant, situated in the Rubona district, is coming to a close.
The plant, which has been integrated into the Rwanda Energy Group (REG) grid since 2015 with an 8.5 MWp capacity, will now be under the ownership of US-based Fortis Green Fund I, Rwanda Holdings, and Axian Energy of Madagascar.
This divestment marks NORFUND’s strategic shift in its renewable energy portfolio while reinforcing its dedication to sustainable development initiatives across Africa.
