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German investment and development bank, KfW has appointed Triple Jump B.V., Persistent, and GreenMax Capital Advisors to manage its Clean Energy and Energy Inclusion in Africa (CEI Africa) foundation. The main objective of the CEI Africa foundation is to clean and reliable electricity for the sparsely populated regions in sub-Saharan Africa.
Following a tender, the German financing institute has selected the fund managers for its new foundation. The Amsterdam-based impact-focused investment manager Triple Jump B.V. has been selected as the lead fund manager for the funds allocated to International Rescue Committee(IRC) Africa. Together with Persistent, GreenMax Capital Advisors, and other fund managers, Triple Jump will provide grants to renewable off-grid providers for financing decentralized solutions, including crowdlending and community credit.
Christiane Laibach, Member of the Executive Board of the KfW Group, said “In sparsely populated areas, decentralized, the off-grid power supply is only possible through small-scale solutions that are independent of public power grids. This is an innovative and forward-looking approach.”
The consortium of fund managers will initiate their activities with KfW’s first financing of €49 million, which was confirmed by the financing institute a few weeks ago. According to the KfW, this financing facility will support the construction of nearly 190 green mini-grids and 70,000 new connections to these mini-grids. These mini-grids will account for energy supply with a total generation capacity of 17 MW.
CEI Africa-funded renewable energy systems will result in avoiding an annual CO2 emission of 55,000 tons and benefit more than 3.5 lakhs people with access to clean and reliable electricity. Over the next ten years, CEI Africa will engage other public donors and investors to achieve its goal of increasing the fund amount and the number of electricity connections to ten times. Small savers and social welfare investors, including those with personal ties to the countries of investment in sub-Saharan Africa, will also be able to invest.