waaree december
buybestinclassgoodwesolarinvertersandwinexcitingprizes

DFC Invests $40 Million in EEGF to Support Off-Grid Clean Energy Providers in Africa

0
70
Solar Generation Helps Avoid Billions in Costs for 7 Asian Countries, Says Report

Reading Time: 2 minutes

The U.S. International Development Finance Corporation (DFC) has announced a $40 loan commitment to boost the development of off-grid renewable energy in Africa. DFC will invest this amount in the Energy Entrepreneur Growth Fund (EEGF), an investment fund that provides catalytic financing and technical assistance to companies that increase access to clean, reliable, and affordable energy for off-grid regions in Sub-Saharan Africa.

pixon_december

According to DFC, the investment will allow the EEGF to continue acquiring assets by investing in about 10 companies operating in the south of Sahara, by the end of 2022. More investments are required to improve access to electricity in Africa, where more than 570 million people do not have access to electricity, according to the International Energy Agency (IEA).

Scott Nathan, CEO of DFC, said the investment in EEGF will support companies that provide energy access to the communities currently without basic services across sub-Saharan Africa. EEGF is helping communities in the region and spurring economic growth & development through additional capital for the transformative work.

Also Read  Allied Blenders and Distillers Aims To Source 70% Power Required from Solar Energy in FY24

Jonathan Berman, CEO of Shell Foundation, said the collaboration between international growth capital providers is key to increasing access to clean energy for businesses and to reaching under-served communities. DFC’s loan further demonstrates that Shell and their partners can widen pools of investment opportunities for commercially-minded investors, and positively impact the lives of millions of people.

The EEGF was created by the UK charity Shell Foundation and the Dutch Entrepreneurial Development Bank (FMO) in 2019. It is managed by the Dutch impact investor Triple Jump along with the Nairobi-based venture builder Persistent. The facility has already raised $106 million in total to support renewable energy providers in Africa, including French solar kits provider Baobab+, Yellow, and the German solar energy company.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.