Only 12 months after the official signing of the Power Purchase Agreement (PPA), Gigawatt Global financed, constructed and interconnected a $23.7 million solar energy plant.
The Rwanda field - constructed in the shape of the African continent - brought together an international consortium of financing partners. Debt was provided by FMO (Netherlands Development Finance Company) and the London-based EAIF (Emerging Africa Infrastructure Fund); mezzanine debt provided by Norfund (the Norwegian Investment Fund for Developing Countries); equity from Scatec Solar ASA (who also served as EPC contractor and serves as O&M provider), Norfund and KLP Norfund Investments (a vehicle jointly owned by KLP, the largest pension fund in Norway, and Norfund). Grants were received from the United States Government via OPIC’s ACEF (Africa Clean Energy Finance) grant and from the EEP (Energy and Environment Partnership) Programme, a partnership of the Finnish, Norwegian and Austrian governments. SEDI Labs served as a key project development partner. Norton Rose Fulbright from London served as the international legal counsel.