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Redavia Gets $3.1 Million Loan from EDFI ElectriFI to Solarize Businesses

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Redavia, a leading commercial and industrial (C&I) solar power provider in West and East Africa has signed an agreement with the EU-funded Electrification Finance Initiative (EDFI ElectriFI) for a $3.1 million loan. The German-based company will use the loan to provide solar power to businesses and industries in Kenya and Ghana.

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In 2018, EDFI ElectriFI had successfully exited a $2 million loan to Redavia, supporting its expansion in Ghana. According to Redavia’s CEO, Erwin Spolders the past funding has enabled them to take long steps towards its goal of operating 100 MWp of solar energy in small and medium-sized enterprises that will help industrialize African economies and create local jobs in a sustainable way.

Quentin Antoine, Senior Investment Manager at EDFI Management Company, said the new funding from EDFI ElectriFI will support Redavia’s unique approach in the market with standardized solar farms and well-defined customer segments, enabling its rapid growth in the renewable energy market.

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Redavia has had a strong presence in Kenya and Ghana for the past several years, where it has local subsidiaries. The company is backed by the support of several financial partners, including the Energy and Environment Partnership Trust Fund (EEP Africa), Swiss impact investor AlphaMundi and the Nordic Development Fund (NDF).

Currently, the solar energy solution provider has an installed solar capacity of 7.4 MWp in sub-Saharan Africa that benefits nearly 29,000 people. According to EDFI ElectriFI, till now Redavia has commissioned 3.4 MWp of solar capacity in Ghana, serving 41 C&I customers. The installations have an annual production of 3,176 MWh, helping to avoid 4,129 tons of CO2 equivalent per year.

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