- BII, Norfund and Scatec to develop hydropower projects in Africa.
The British International Investment (BII) is joining a consortium formed by the Norwegian Investment Fund for Developing Countries (Norfund) and Norwegian independent power producer (IPP) Scatec. The three investors are partnering to develop a portfolio of hydropower projects in Africa.
In 2020, Norfund sold hydropower producer SN Power to Scatec while at the same time designing a 49% stake in the company’s African assets. Norfund’s stake will now be shared with the BII, which in return will commit $200 million to Scatec’s hydropower projects.
For the BII, this will be the largest investment in the hydropower sector in its 74-year history. According to Chris Chijiutomi, Managing Director, Head of Infrastructure for Africa and Pakistan at BII, “Hydropower is essential for providing clean baseload and peak power, particularly in landlocked Africa, as countries across the continent transition away from fossil fuels to a carbon-neutral future. The BII and its partners will be key in providing inclusive and sustainable financing to support hydropower in sub-Saharan Africa.”