Page 9 - AfrElecl Week 30
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AfrElec                                           SOL AR                                             AfrElec














                         and financial empowerment,” said Yoven Moo-  hindered provision of affordable clean energy
                         rooven, CEO of ENGIE Africa.         solutions to Ugandans without access to foreign
                           “As of now, ENGIE is providing decentralized  currency.
                         electricity to more than 4.5 million people in 9   The EIB has in recent years invested in a range
                         countries through solar home systems from both  of large-scale African power projects, such as
                         Fenix and ENGIE Mobisol, as well as mini-grids  the Bujagali hydropower project in Uganda. It
                         from ENGIE PowerCorner,” he added.   has been active in Kenya, where it has provided
                           The PAYGO model will allow families to  financing for the Lake Turkana Wind Farm, the
                         repay the cost of equipment over years at less  Olkaria Geothermal plant and the Radiant and
                         than USD0.20 per day, rather than facing high  Eldosol solar schemes. It has also financed last
                         up-front costs.                      mile connections to local consumers.
                           The EIB loan will also allow repayment of   The EIB is also supporting studies to har-
                         equipment purchased in US dollars in Ugan-  ness hydropower to transform clean energy in
                         dan shillings. Previously currency fluctuations  Burundi and the Great Lakes region.™






       REDAVIA received FDI loan to




       fund solar in Africa





        WEST AFRICA      AFRICAN  solar developer REDAVIA has  scarce, and expansion stage loans are needed
                         received EUR1.5mn ($1.73mn) as its first cat-  to support innovation and unlock commercial
                         alyst loan from Nordic Development Fund-  capital.
                         backed Energy and Environment Partnership   EEP Catalyst is an evolution of the EEP Africa
                         Trust Fund (EEP Africa).             platform that builds on a portfolio of nearly 250
                           The loan will also help the company set up  early-stage clean energy companies to enable
                         1.26MW of solar projects in East and West  scale-up of commercially viable renewable
                         Africa and generate employment opportunities.  solutions.
                           These projects are expected to generate   Nordic Development Fund (NDF) launched
                         1,700MWh of solar energy and mitigate 730  the EEP Catalyst window in 2019 as a pilot to
                         tonnes per year (tpy) of carbon emissions, the  provide follow-on debt financing to success-
                         company said in a press statement.   ful companies from the EEP Innovation grant
                           REVADIA develops solar projects for busi-  portfolio.
                         nesses and communities in East and West Africa.  “This crucial funding enables REDAVIA to
                           It also provides solar power leasing models  continue to support companies in Ghana and
                         for its commercial & industrial (C&I) and small  Kenya with affordable, clean power, so these
                         and medium-scale enterprises (SMEs) in Kenya  businesses build local wealth and increase
                         and Ghana.                           employment sustainably,” said Erwin Spolders,
                           The investment would enable further expan-  CEO of REDAVIA.
                         sion of REDAVIA’s solar power leasing model.   In 2020, REDAVIA signed a $2mn debt
                         Solar leasing is a third-party based financing and  financing agreement with ElectriFI, an impact
                         operating model for solar systems which does  investment facility with investors from Euro-
                         not involve upfront payments.        pean Commission and Power Africa.
                           EEP Catalyst has been designed to finance   The fund was provided for REDAVIA’s
                         renewable market leaders in Africa. In Africa’s  expansion in Ghana’s industrial and commer-
                         renewable sector, flexible early-stage debt is still  cial sectors.™








       Week 30   30•July•2020                   www. NEWSBASE .com                                              P9
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