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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