The United States Corporation for International Development Finance (DFC) is investing in renewable energy in Africa once more. The financial institution in the United States has announced a $40 million investment in the Energy Entrepreneur Growth Fund (EEGF). This fund, which was created in 2019, provides financial and technical capacity building to African renewable energy companies.
According to DFC, the EEGF will be able to continue purchasing assets by investing in around ten enterprises in Africa south of the Sahara by the end of 2022. Additional expenditures are required to increase Africa’s access to power. According to the International Energy Agency, 570 million Africans do not have access to electricity at the moment (IEA).
“DFC’s investment in EEGF will support companies that provide energy access to those currently without basic services across sub-Saharan Africa. By providing additional capital for this transformative work, EEGF will help communities in the region and spur economic growth and development,” said Scott Nathan, CEO of DFC.
The EEGF is a 12-year effort of the Shell Foundation and the Dutch Development Finance Company (FMO). The fund is co-managed by the Dutch business Triple Jump and Persistent, a Nairobi-based venture capital firm.
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FinDev Canada, an investment business, pledged $13 million to the EEGF in January 2022. In all, the institution has already raised $106 million to assist African sustainable energy businesses. The fund has made investments in many firms, including Baobab+, a French producer of solar household systems, Yellow, an East African company, and Redavia, a German company that delivers solar energy to commercial and industrial (C&I) enterprises in East and West Africa.
renewable energy fund Africa renewable energy fund Africa
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh