Serengeti Energy

Our role

Investec acted as sole mandated lead arranger, senior lender and hedge provider, structuring a fit-for-purpose funding package for Serengeti Energy. 

The funding was used to refinance and upgrade the 3MW Sol Plaatje and 4MW Merino hydropower plants, as well as to construct the 5MW Boston Hydro power plant. 

Boston Hydro reached commercial operations on 17 October 2025 and is delivering 24/7 renewable energy through wheeling on the national grid. Investec, as sole lender, financed 70% of the Boston Hydro project costs.

Located on the Ash River in the Free State and within the Lesotho Highlands Water Scheme, the three hydro projects benefit from long-term private power purchase agreements (PPAs). 

This portfolio project-finance transaction was executed through close collaboration between Investec’s Energy and Infrastructure Finance team,  Treasury Sales and Structuring, and Business Transactional Banking.

_{About Serengeti Energy}

Serengeti Energy is an independent power producer delivering sustainable renewable energy across sub-Saharan Africa. The group operates power plants totalling 74MW across Rwanda, Uganda, Sierra Leone, South Africa and Malawi.

_{"This strategic refinancing, achieved through Serengeti Energy’s South African investment subsidiary, Renewable Energy Holdings, showcases how lenders like Investec can deliver tailored financial solutions in a complex and highly regulated environment. Unlocking liquidity and value in this way sends a positive signal to the renewables market. We are proud to lead the way toward a cleaner, greener future for our communities and the region." – Strafford Harris, COO, Serengeti Energy}

_{"Collaborating with Investec’s Energy and Infrastructure team to achieve financial close on this portfolio project-finance transaction has been a rewarding experience. This deal, underpinned by hydro assets and private power purchase agreements, highlights the strength of our partnership and commitment to advancing renewable energy." – Wilfred van den Bos, CIO, Serengeti Energy}

Growthpoint, which holds a 30% equity stake in Boston Hydro, will procure 100% of Boston’s generation through licensed energy trader Etana Energy – securing around 30GWh of clean, baseload power annually.