Malagasy businessman Hassanein Hiridjee’s firm expands with solar asset in Rwanda

Timilehin Adejumobi -

Key Points

  • Axian Energy acquires significant stake in Gigawatt Global Rwanda, marking its entry into the Rwandan renewable energy market.
  • Fortis Green Fund I Rwanda Holdings holds 51% stake, Axian Energy’s NEA Rwanda Ltd holds 49%, overseeing operations and maintenance.
  • Gigawatt Global Rwanda, operational since 2014, provides clean energy to 140,000 people under a 25-year power purchase agreement.

Axian Energy, a division of the Pan-African conglomerate, AXIAN Group, owned by Malagasy tycoon Hassanein Hiridjee, has acquired a significant stake in Gigawatt Global Rwanda Ltd, marking its entry into the Rwandan renewable energy market.

The acquisition, finalized on July 30, 2024, follows share purchase agreements with sellers Scatec ASA, Norfund, and KLP Norfund signed in December 2023 and February 2024. Legal advice for the buyers was provided by Hogan Lovells.

Fortis Green, Axian take over solar plant

Gigawatt Global Rwanda, an 8.5 MW solar power plant located 60 kilometers east of Kigali, has been operational since 2014 and provides electricity to 140,000 people under a 25-year power purchase agreement with Rwanda Energy Group. The facility, covering 50 acres and housing over 28,000 solar PV panels, plays a crucial role in enhancing clean energy access in the region.

Under the new ownership structure, Fortis Green Fund I Rwanda Holdings Ltd will hold a 51 percent stake in Gigawatt Global Rwanda, with Axian Energy’s NEA Rwanda Ltd owning the remaining 49 percent. NEA Rwanda Ltd, which fully owns Scatec Solar Rwanda, will oversee the plant’s operations and maintenance.

The investment is a significant milestone for Fortis Green Renewables, expanding its asset base in Rwanda. For Axian Energy, this acquisition represents a strategic move to diversify and expand its renewable energy portfolio across Africa. Benjamin Memmi, CEO of Axian Energy, emphasized the importance of this acquisition in reinforcing their commitment to sustainable energy solutions and improving local communities.

AXIAN Group expands renewable projects

Headquartered in Madagascar, AXIAN Group operates in real estate, telecommunications, finance, and energy across six countries. Under Hassanein Hiridjee’s leadership, the conglomerate has become Madagascar’s top energy producer, committed to socio-economic progress and renewable energy.

Through Axian Energy, the conglomerate provides innovative energy solutions in Africa. Its portfolio includes hydro and solar power projects, the company currently operates 150 MW of renewable energy projects across the continent, with over 1 GW in the pipeline.

Earlier this year, Axian Energy acquired solar assets in Madagascar and Burkina Faso from French independent power producer GreenYellow. This follows their collaboration a year ago, which brought a 1.8 MW solar photovoltaic power plant to Madagascar’s Sava region.