AfDB sets up $ 50 million fund for post-covid recovery of off-grid companies

The ADB has authorized the disbursement by SEFA of $ 20 million for the establishment of the CRP, a platform to support off-grid solutions companies through post-pandemic recovery. The Fund will have a total value of $ 50 million.

The African Development Bank has just approved an investment of $ 20 million to set up the Covid-19 Off-Grid Recovery Platform (CRP). Funds disbursed through the Sustainable Energy Fund for Africa (SEFA) will be added to the amount allocated by CRP partners of Triple Jump, Lion's Global Partners and Social Investments Managers and Advisor. Entities that are specialists in financial mobilization for the benefit of off-grid energy providers will provide equity of a combined value of between $ 30 million and $ 40 million.

The goal of the platform is to support energy companies that market and deploy solar systems, mini-grids, clean cooking and other decentralized energy solutions. This support will allow businesses to resume their activities after the slowdown caused by the pandemic while laying the foundations for a more inclusive and greener post-pandemic economic recovery.

“We are delighted to have been selected to co-manage the Off-Grid Sub-Sector Post-Covid-19 Recovery Platform. The platform allows fund managers like Lion's Head to focus on what we do best - raising and deploying human and financial capital to enable the delivery of sustainable energy to people. most vulnerable communities while addressing issues raised by the coronavirus, such as funding in local currencies in a time of great uncertainty and volatility, ”said Harry Guinness, Executive Director of Off-Grid Energy Access Fund, l 'one of the SEFA funds

 

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