FinDev Canada has injected $13 million into the Energy Entrepreneurs Growth Fund (EEGF), which invests in early-stage and growth-stage energy startups in sub-Saharan Africa.
Part of the funding will be used to increase access to clean energy for households and off-grid businesses in the region.
The $120m EEGF, which was founded in 2019 by the Shell Foundation, and co-funded by UKaid and the Dutch Entrepreneurial Development Bank FMO, provides financing in the form of debt (catalytic or mezzanine) or equity to companies in the energy sector.
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EEGF is managed by Triple Jump, an impact investment manager and advised by Persistent; a climate business builder.
FinDev Canada participated in fundraising through 2X Canada, an impact investment facility supporting the economic empowerment of low-income and underserved populations in sub-Saharan Africa, Latin America and the Caribbean.
Energy Entrepreneurs Fund Africa
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer