British International Investment plans $200m investment in hydropower in Africa – Reuters.com OCN News

LONDON, June 23 (Reuters) – Britain’s development finance institution, British International Investment (BII), plans to invest $200 million in a joint project with Norway’s Norfund to build at least three hydropower projects in Africa, BII announced Thursday.

The two institutions will equally share a 49% stake in a joint venture with Norway’s Scatec ASA (SCATC.OL) for the projects, BII said in an emailed statement.

These will include the 205 megawatt (MW) Ruzizi III hydroelectric power plant planned to supply electricity to Rwanda, Burundi and the Democratic Republic of Congo, the 120 MW Volobe hydroelectric power plant in Madagascar and the Mpatamanga project of 350 MW in Malawi, BII said.

Reporting by Rachel Savage; Written by George Obulutsa; Editing by Nellie Peyton and Jan Harvey

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