Virunga says Gridworks investment can kick-start African hydro-power projects

Gridworks, which invests in Africa’s electricity networks, said on 20 December it will invest up to $50m in Virunga Power, which develops and operates hydro-power projects and grid distribution networks in east Africa.

The investment, which sees Gridworks acquire majority ownership of Virunga, will be used to fund hydro projects in Burundi, Malawi, Zambia and Kenya. The World Bank says that Zambia, Malawi and Burundi have among the world’s lowest rural electrification rates at 15%, 6% and 2%.