| Investment


of hydropower plants in the southern part of Norway to seven, with a projected annual generation capacity of approximately 41GWh. Downing’s recent acquisition of hydropower assets aligns with the company’s sustainable investing focus and its commitment to responsible investing.


In Canada, FirstLight Power has announced that the completion of its integration with Canadian hydropower company, H2O Power, will enable the Massachusetts-based clean energy company to expand its hydropower capacity and diversify its clean energy portfolio. “We are thrilled to have completed the integration with H2O Power,” said Alicia Barton, President and CEO of FirstLight Power. “This strategic move strengthens our position as a leading clean energy company in the Northeast and will allow us to expand our operations into Canada.” As part of the integration, FirstLight Power will acquire four run-of-river plants on the Niagara River in Ontario, increasing the company’s hydropower capacity by over 400MW. The acquisition will complement FirstLight Power’s existing portfolio of hydropower and solar assets in New England and New York. “We are excited to welcome the H2O Power facilities


into our portfolio of clean energy assets,” said Barton. “Hydropower is a key part of our strategy to provide reliable and sustainable energy to our customers, and this acquisition will help us to achieve that goal.” The integration process involved the transfer of H2O Power’s employees, assets, and operations to FirstLight Power. The two companies have been working closely together to ensure a smooth transition and minimal disruption to customers. “This is a great opportunity for H2O Power to join a


larger organization with a strong focus on renewable energy and sustainability,” said Matt Lumley, President of H2O Power.


FirstLight Power and H2O Power have a combined portfolio of over 1,400MW of clean energy generation capacity and serve over 100,000 customers across the Northeast and Canada. There have also been investments in small


hydropower. Recently, Serengeti Energy acquired a majority stake in Rwaza 1, a 2.6MW run-of-river hydropower plant in Musanze, Rwanda, from Frontier Energy. Rwaza 1 was Serengeti Energy’s first operational hydro plant, commissioned in September 2018. The project was developed in partnership with DC Hydropower Limited and Frontier Energy. In October 2022, Serengeti Energy and Frontier


Energy signed a share purchase agreement that initiated the acquisition of Frontier Energy’s entire stake in the project. On 29 March 2023, the acquisition was completed, with Bowmans serving as legal transaction advisor. Serengeti Energy aims to have 300MW of small to medium-sized projects in its portfolio by 2030 in Sub- Saharan Africa. Becoming the majority owner of Rwaza 1 will support this goal. Co-CEOs Wilfred van den Bos and Solomon Njonjo said that Serengeti Energy is paving the way for a sustainable future in Sub-Saharan Africa by developing and operating small to medium-sized renewable energy power plants. By becoming the majority owner of Rwaza 1, the company can expand its footprint in Rwanda with the aim of expanding further.


Rwaza Hydro was a very successful investment for


Frontier Energy’s first fund, which began operations in 2011. The company participated in the development, construction, and operation of the Rwaza hydro project and is now happy to exit the project successfully to Serengeti Energy as Frontier Energy’s first fund comes to an end. Founding partners of Frontier Energy, Daniel Schultz and Kim Gredsted, said that “we have had a very good collaboration with Rwaza Hydro and Serengeti Energy about the project and the exit of the project, and we would like to thank them for this and for a job well done. “The business model of Frontier Energy is to develop, construct, operate and eventually exit renewable energy projects in Sub-Saharan Africa. If this is done in the right way, this will benefit not only Frontier Energy in the form of a successful investment but also the environment in terms of green energy and the country which gets more power at an attractive price to the benefit of the population and the development of the country. Rwaza Hydro confirms the win-win-win aspect of our business.”


Funding secured Emrgy, a woman-led renewable energy technology


and project developer, has secured $18.4 million in a Series A funding round led by Oval Park Capital, with Key investors including Fifth Wall, Blitzscaling Ventures, Overlay Capital, and Veriten. The funding will allow the clean energy startup to deploy distributed hydropower projects, open a new turbine assembly facility in Colorado, and expand its development, operations, and engineering teams. Emrgy’s proprietary modular turbine technology harnesses power continuously as water flows in existing underutilized waterways and infrastructure, delivering low-cost renewable power to energy off- takers. The company’s new projects will be developed in the Western US, Europe, and Australasia and provide power to agricultural, municipal, and utility off-takers. Emily Morris, Founder & CEO at Emrgy, stated, “It is an honor to lead Emrgy into our next pivotal phase of growth, as we continue to deepen our efforts to meet record demand for renewable energy via rapidly deployable, cost-efficient technology.” “We believe Emrgy’s modular, cost-effective, and quick-to-deploy systems have the potential to reintroduce hydropower to the global renewable energy conversation that has been dominated by solar and wind in recent years,” said Justin Wright-Eakes, Managing Partner at Oval Park Capital. Emrgy has already deployed its solution with notable commercial customers including Denver Water, Davis and Weber Counties Canal Company, and Oakdale Irrigation District domestically, among others. The company also has projects in New Zealand and a pilot system in South Africa. “Water infrastructure holds instrumental opportunity for decarbonization, and Emrgy is accomplishing this in a scalable way that we have truly never seen before,” said Peter Gajdoš, Partner and Co-Lead of The Climate Technology Investment Team at Fifth Wall. With the funding, Emrgy plans to open its inaugural


regional manufacturing facility in Aurora, Colorado this spring, with an estimated capacity of 5MW per month. The company expects to employ up to 30 engineers and operations specialists at the facility in 2023.


www.waterpowermagazine.com | May 2023 | 37


Above: Rwaza acquisition signing ceremony at Serengeti Energy Headquarters in Nairobi


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