DAR ES SALAAM, Tanzania — Ruaha River Power Company Limited (the “Company”) announced today that the Company has received an equity investment that has allowed the Company to acquire heavy equipment, vehicles, and facilities for use in its renewable energy business operations in Tanzania.
Ruaha Power’s CEO, J. Tate commented, “When we established Ruaha Power in August 2013, we started from scratch.
We knew we wanted to develop a renewable energy business focused on the underserved rural markets in Tanzania, however, we needed to build our understanding of the market before actually launching operations. Our team spent the next 16 months researching the market and identifying rural-based renewable energy opportunities. Beginning in 2015 the Company began launching both grid connected (solar and hydropower) and off-grid (hybrid) projects. We now have two hydropower feasibility studies in process, a completed solar insolation and feasibility study, and are launching an isolated mini-grid. Our progress brought us to the point where the Company required additional equipment and facilities in order to launch and sustain our momentum. This equity investment has enabled us to acquire a good mix of heavy equipment, vehicles, and facilities that will support our initiatives as we begin to deliver power and generate revenue. In addition we have broadened the investor base by bringing in private investors from SE Asia, the US, and an institutional group from Hong Kong.”