The African Development Bank has authorized the disbursement by SEFA of $ 20 million for the establishment of the CRP, a platform to support companies providing off-grid solutions 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 for the establishment of the Covid-19 Off-Grid Recovery Platform (CRP). Funds disbursed through the Fund for Sustainable Energy in Africa (SEFA) will be added to the amount contributed by CRP partners, Triple Jump, Lion’s Global Partners and Social Investments Managers and Advisor.
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Entities that are specialists in financial mobilization for the benefit of off-grid energy companies will provide equity with a combined value of between $ 30 million and $ 40 million.The objective of the platform is to support energy companies that market and deploy solar systems, mini-grids, clean cooking means 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.
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“We are delighted to have been selected to co-manage the post-covid-19 recovery platform for the off-grid sub-sector. 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.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry