British Savannah Energy PLC, through its subsidiary Savannah Energy EA Limited, has entered into an agreement with the Norwegian investment fund Norfund to acquire a 50.1% stake in Dutch Klinchenberg BV. This is reported in a press release from Savannah.
The transaction value is $65.4 million. The financing includes a three-year deferred payment of $6.8 million, as well as contingent payments related to the financial statements of Mpatamanga and Ruzizi III. Savannah plans to finance the deal using existing funds and a loan of $37.4 million provided by an international bank.
The transaction is expected to be completed in the first quarter of 2026. The deal will allow Savannah to acquire controlling stakes in three major hydropower projects in East and Central Africa from Klinchenberg assets in order to strategically expand the company's renewable energy sector in Africa.
Klinchenberg BV, a joint venture between Norfund and British International Investment (BII), owns stakes in Bujagali (a hydroelectric plant in Uganda that accounts for 31% of the country's electricity production), Mpatamanga (construction of a hydroelectric plant based on a reservoir in Malawi) and Ruzizi III (a cross-border hydropower project covering Burundi, Congo and Rwanda).
Savannah Energy is a British independent energy company in the sector of integrated gas production and distribution and renewable energy sources. The headquarters is located in London (UK).
Norfund is a Norwegian investment fund for developing countries focused on Africa. The company acts as a minority investor in the renewable energy, finance, and green infrastructure sectors, with a particular focus on sub-Saharan Africa, Asia, and Latin America. The headquarters is located in Oslo (Norway).
Klinchenberg is a Dutch subsidiary of Norfund and a joint venture with British International Investment (BII) to develop hydropower in Africa. The headquarters is located in Amsterdam (the Netherlands).
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