Page 12 - AfrElec Week 42 2022

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DFC commits $40mn to the EEGF to

enhance energy access

AFRICA THE US International Development Finance EEGF will help communities in the region and
Corporation (DFC) has announced a partcipa- spur economic growth and development.”
tion of up to $40mn in the Energy Entrepreneurs EEGF offers flexible capital, focusing on mez-
Growth Fund (EEGF) to boost access to clean zanine instruments. It also provides debt instru-
energy for off-grid businesses and households in ments and equity to achieve solutions and meet
Sub-Saharan Africa. the needs of different energy companies.
The EEGF was created in 2019 by UK char- “EEGF has already invested in seven busi-
ity Shell Foundation (co-funded with UK aid nesses, using bespoke capital solutions to meet
from the UK government) and FMO, the Dutch these enterprises’ specific needs,” said Steven
Entrepreneurial Development Bank and offers Evers, CEO of Triple Jump. “The fund ultimately
financing and assistance to early-stage busi- aims to reach in excess of 5mn beneficiar-
nesses that promote access to clean, safe, and ies, including over 240 female-led businesses,
affordable energy. It is managed by Triple Jump, and avoiding 4.5mn tonnes of greenhouse gas
an Amsterdam-based impact-focused invest- emissions.”
ment manager. DFC’s investment complements the Nordic
“DFC’s investment in EEGF will support Development Fund’s commitment to EEGF in
businesses that provide energy access to those September and makes the fund’s total commit-
who currently lacked basic services across ments $106mn. The Fund is expected to have
Sub-Saharan Africa,” DFC chief executive Scott ten more companies in its portfolio by the end
Nathan said in a press release. “By providing of 2022.™
additional capital for this transformational work,

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