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

 

 Comments
 Other articles
More pages : 1   2
  • A lot of change in the rural electrification institutional...

    • Published on Thu 21 Apr 2022

    On 08 September 2021, the Ugandian Rural Electrification Agency (REA) has officially returned under the Ministry of Energy and Mineral Development. REA was changed to a department of the Ministry –...

  • Dissolution of ACER Central Africa Republic

    • Published on Thu 21 Apr 2022

    It is brought to your attention that the Agence autonome de l'Electrification Rurale de Centrafrique (ACER - Central Africa Republic rural electrification agency) was dissolved by a order issued...

  • Mr Amadou SIDIBE, CEO of AMADER Mali

    • Published on Thu 21 Apr 2022

    As you may have read in one of our newsletter November 2021, Mr Amadou SIDIBE industrial and mining engineer, was appointed to the position of Chairman and Chief Executive Office for Agence...

  • Online training CLUB-ER / SSN-AMG COP

    • Published on Wed 16 Feb 2022

    In partnership with South-South-North / Africa Mini-Grid Community of Practice, CLUB-ER will launch an online training. The project is funded by the Foreign Commonwealth and Development Office –...

  • « Growing government engagement in energy access ...

    • Published on Mon 09 Nov 2020

    The Executive Secretariat is pleased to inform you that the African Association for Rural Electrification and its members will now benefit a technical and financial support from the Foreign Commonwealth...

  • Falling off-grid solar sales deprive 5 million people...

    • Published on Tue 27 Oct 2020

    The latest edition of the World Bank and GOGLA's Global Off-grid Solar Market Report called for regulatory and financial support to help off-grid retailers create jobs lost due to the Covid-19 ...

  • TOGO: Kya-SolDesign software allows sizing of solar...

    • By: AFRIK 21 |
    • Published on Tue 13 Oct 2020

    Togo plans to produce 50% of its electricity from renewable sources by 2030. Among the challenges to be met is the design of quality solar systems. It is with this in mind that the country has decided...

  • Solar Mini-Grid Builder Husk Power To Receive $ 5 ...

    • By: AgenceEcofin |
    • Published on Wed 07 Oct 2020

    Solar mini-grid provider Husk Power Systems has raised $ 5 million from FMO to expand its business in Africa. The company, which is based in Tanzania, intends to expand to other countries on the continent.   Solar...

  • Energies - Côte d'Ivoire: A grant for the first major...

    • By: AFRICAN ENERGY CHAMBER |
    • Published on Wed 30 Sep 2020

    Yesterday, the US Agency for Trade and Development awarded a grant to the Ivory Coast Ministry of Petroleum, Energy and Renewable Energies for a feasibility study of deploying solar mini-grids to help...

  • Solar energies -Togo: Call for tenders for the establishment...

    • Published on Tue 29 Sep 2020

    Togo wants to set up a national platform for the management of off-grid solar installations. To do this, a prequalification notice for companies was published, for the acquisition of equipment, construction,...

More pages : 1   2
  Newsletter

Subscribe to our newsletter