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The Dutch social impact investor, Oikocredit has granted a €5 million loan to facilitate Ecoligo to expand its operations in two African countries. Ecoligo is a Berlin-based provider of solar-as-a-service solutions for commercial and industrial (C&I) businesses in emerging markets.
Ecoligo leases and installs solar photovoltaic plants to small and medium-sized enterprises (SMEs) and NGOs in Ghana and Kenya. The loan from Oikocredit will help Ecoligo in providing solar-powered electricity for 15 SMEs and NGOs in both countries.
Oikocredit Investment Manager, Siebren Wilschut said that their institute is delighted to support Ecoligo’s expansion to ensure clean energy access for the people in Ghana and Kenya, including more job opportunities.
“With significant cost savings, the SMEs and NGOs will be able to secure more jobs in local communities at the same time as reducing CO2 footprint,” said Wilschut.
Markus Schwaninger, CFO at Ecoligo, commented, “Thanks to Oikocredit’s support, we have been able to scale up our operations in sub-Saharan Africa and to bring more solar projects to life than ever before, allowing us to create meaningful change. We are looking forward to creating more social impact together with Oikocredit.”
Ecoligo has an installed capacity of 61.3 MWp in several countries around the world which were financed through crowdfunding. The company has expanded its portfolio of solar power plants by acquiring the assets of Namene Solar West Africa Ltd., in 2021.
In Kenya, Ecoligo provides clean electricity to the Rift Valley Roses flower farm, located near Lake Naivasha in Nakuru County. The company has also set up a 401 KWp solar power plant in partnership with Yingli Namene West Africa Ltd. in Central University in Ghana’s capital city, Accra.