• CrossBoundary Access and Mobile Power announce a $10 million partnership to deploy Mobile Power’s MOPO Hubs in Nigeria;
• This is the first transaction in Africa to use an infrastructure financing approach to invest in battery-swapping technology;
• The partnership will provide 300,000 people with access to energy without upfront costs using solar-powered, pay-per-use MOPO Batteries, employing local agents and enabling low-cost connections.

4 October 2023: CrossBoundary Access and Mobile Power are announcing a $10 million partnership to deploy MOPO Hubs in Nigeria, providing energy access to 300,000 people using an innovative battery service. CrossBoundary Access has committed an initial $2.25 million for the transaction, with the option to extend up to $10 million.

Solar energy has revolutionized the generation of electricity. MOPO Batteries – and the supporting hardware and software – are revolutionizing the distribution of electricity. For Mobile Power, this new partnership allows the company to accelerate deployment of its technology in Nigeria. For CrossBoundary Access, MOPO Hubs complement its mini-grid portfolio by allowing faster, lower cost deployment, and extending the service range of CrossBoundary Access’ infrastructure beyond the cost-effective limits of traditional distribution infrastructure that use poles and wires.

CrossBoundary Access will finance the development and construction activities and will own the projects, while Mobile Power will ensure that residents receive clean, reliable electricity for years to come.

MOPO Hubs, powered by solar energy, allow customers to access energy without upfront costs with no consumer debt through secure pay-per-use MOPO batteries distributed by local Mobile Power agents.

An average MOPO Hub creates four full-time jobs for local women and men. MOPO Hubs, designed for rapid, light-touch deployment, are located conveniently within communities without the need for cabling. This low-cost connection strategy, along with the ability to collect usage data, allows CrossBoundary Access to optimise the locations of its future mini-grid sites and connections. Together, CrossBoundary Access and Mobile Power are committed to increasing socio-economic opportunities and expand energy access to new customers.

CrossBoundary Access were advised in the transaction by Foley Hoag LLP. Mobile Power were advised by Knights PLC.

Lynne Wesonga, Associate Director and transaction lead for CrossBoundary Access, says, “This transaction shows the impact of combining innovative financing with innovative technology. CrossBoundary Access will be able to deploy capital more efficiently while delivering electricity to more people at a faster pace. Our agreement with Mobile Power is one more milestone towards closing the gap on the 600 million people in Africa who lack access to electricity.”

Chris Longbottom, CEO, Mobile Power, says, “This deal represents a tipping point for energy infrastructure investment on the continent. Mobile Power and CrossBoundary Access are taking the first step in a revolutionary journey deploying scalable real-life solutions to previously intractable infrastructure problems. This transaction further validates our innovative approach to energy access.”

Gabriel Davies, Managing Director and co-founder of CrossBoundary Access, says, “This is what the grid of the future looks like. Using batteries to distribute electricity is the biggest revolution in the power sector since the invention of the transformer. To be clear – we still believe poles and wires are the best way to get large amounts of power to big energy consumer. But innovations like MOPO’s battery swapping tech allow us to match distribution capex with customer needs.”

Michiel Bakker, CFO, Mobile Power, says, “This partnership is a huge step forward for us in our mission to deploy significant investment capital into affordable, reliable, and sustainable energy solutions to improve economic productivity in communities across Africa. With this partnership we are making a further important step towards connecting millions of households in the coming years.”

###

About CrossBoundary Access: CrossBoundary Access is Africa’s first blended finance platform for mini-grids. CrossBoundary Access uses an innovative blended finance approach to invest in mini-grids and provide 24/7 gridquality power to households and businesses in rural Africa. CrossBoundary Access reached first close in June 2022 with $25 million from ARCH Emerging Markets Partners Limited, Bank of America, and Microsoft Climate Innovation Fund. In September 2023, the platform secured an additional $10 million from AfDB’s Sustainable Energy Fund for Africa (SEFA). CrossBoundary Access continues to raise and deploy a total of $150 million of blended project finance over the next three years to bring clean energy to one million people in Africa. CrossBoundary Access is a member of the CrossBoundary Group. For more information, visit: hwww.crossboundary.com/energy-access/.

About Mobile Power: Mobile Power is a growth company that deploys affordable and practical energy infrastructure in Africa. Their various sized MOPO Batteries provide energy-as-a-service to a wide range of customers across Africa. The larger sized battery, MOPOMax, is used for AC appliances, businesses and emobility whilst the smaller MOPO50 Battery is used for phone charging, lighting and other small appliances. MOPO Batteries have integrated payment technology, only discharging energy upon agent payment through the MOPO App. MOPO Batteries are distributed to customers by MOPO Agents from Mobile Power’s growing network of hubs, which are solarpowered and conveniently located within the community, providing the energy infrastructure required for economies to grow. For more information, visit: www.mopo.co.

• REPP 2 builds on the legacy of the Camco-managed Renewable Energy Performance Platform (REPP);
• Green Climate Fund’s endorsement of investment follows signing of indicative term sheet for a further investment of up to USD 50m from REPP into REPP 2.

25 October 2023: The Board of the Green Climate Fund (GCF) has approved the allocation of USD 50m in equity to REPP 2, a new debt fund providing an opportunity to invest in Sub-Saharan Africa’s fast-growing renewable energy market.

Climate and impact fund manager Camco is developing REPP 2 as a USD 250m fund designed to deliver significant climate, economic and gender impacts while ensuring sustainable returns for investors.

Latest research shows that approximately 590m people in Sub-Saharan Africa do not have access to electricity, with the International Energy Agency claiming USD 22bn is needed annually to deliver reliable energy access across the continent by 2030 to meet SDG7. At the same time, Africa is facing increasing climate hazards and countries require as estimated USD 2.8tn by 2030 to implement their Nationally Determined Contributions under the Paris Agreement.

REPP 2 has been structured as a paradigm-shifting blended finance facility leveraging public, private and commercial funding to invest in small-scale and decentralised renewable energy projects in Sub-Saharan African countries.

Through its private sector approach, and a strong focus on supporting communities vulnerable to climate change, it is projected that over REPP 2’s lifetime the fund will:

• make 35-40 investments that support the development of decentralised renewable energy and strengthen the resilience of national grid infrastructure to promote economic development in Sub-Saharan Africa, particularly in Least Developed Countries
• provide 7.7m people with new or improved access to clean, reliable and affordable power across Africa, increasing economic opportunities and access to productive use of energy activities
• mitigate 12.7m tonnes of carbon dioxide equivalent in greenhouse gas emissions over projects’ lifetime
• invest USD 70m in projects aligned with 2X’s gender lens investing criteria, and
• mobilise USD 786m in third-party funding for green growth in target countries.

With its blended finance structure, REPP 2 represents an evolutionary step from the USD 120m REPP facility, which was fully funded by the UK’s Foreign, Commonwealth and Development Office (FCDO).

Today’s announcement comes after the REPP Board signed an indicative term sheet for a junior equity investment of up to USD 50m from REPP into REPP 2. The combined junior equity investments of up to USD 100m from the GCF and REPP are designed to protect capital, and to generate an appropriate level of returns to REPP 2’s commercial investors.

Ben Hugues, Investment Director at Camco, said: “REPP 2 builds on the successes and lessons from REPP to provide a new fund that will offer significant commercial investment into Africa’s renewable energy sector, underpinning the continent’s green growth potential. Drawing on Camco’s 30-year track record in renewable energy investing, REPP 2 is projected to deliver sustainable financial returns and multiple developmental, social and environmental benefits.

“We are naturally delighted at the prospect of working with the Green Climate Fund on this new venture.”

Peter Coveliers, REPP Board member and one of the founders of the REPP initiative, said: “Blended finance is instrumental in attracting private sector funds to support a clean energy transition and green growth in Africa.

“By building on the many strengths of REPP and by adopting a well-designed blended finance structure, REPP 2 has the potential to unlock significant additional investment capital to fund climate-related projects on the continent. It’s truly exciting to be part of supporting REPP 2 as it builds upon REPP’s impressive legacy of achievements.”

###

About REPP 2: REPP 2 is a private debt fund designed and managed by Camco that focuses on the energy transition in Sub-Saharan Africa. It is structured as a blended finance facility to ensure an appropriate risk-adjusted return to investors and aims to deliver significant climate, environmental, economic and gender impacts through the financing of small and medium-scale renewable energy assets. Funding from the GCF in REPP 2 will initially focus on Cameroon, Democratic Republic of Congo (DRC), Lesotho, Madagascar, Malawi, Niger, Nigeria, Sierra Leone and Zambia.

REPP 2 builds on the legacy of the Camco-managed Renewable Energy Performance Platform (REPP). REPP was set up in 2015 to accelerate Africa’s transition to a sustainable development pathway by providing flexible capital to small-scale, decentralised renewable energy projects and developers, and demonstrate their operational feasibility to other investors and lenders. To date, REPP has invested in 43 renewable energy companies and projects across 20 countries, leading to over 1.3m people being connected to electricity for the first time and 387MW of renewable energy capacity installed and under development. For more information, visit: https://camco.fm/repp-2.

About Camco: Camco is a specialist climate and impact fund manager, leading the transition in emerging markets. We offer clean, secure investments, pairing the conscience of a development bank with the agility of a private company. Camco is an Accredited Entity of the Green Climate Fund and is authorised and regulated by the UK Financial Conduct Authority. The company has offices in Accra, Auckland, Helsinki, Johannesburg, London, Nairobi, Sydney and Toronto. For more information, visit: https://camco.fm.

About Green Climate Fund: The Green Climate Fund (GCF) is the world’s largest dedicated climate fund. GCF’s mandate is to foster a paradigm shift towards low emission, climate-resilient development pathways in developing countries.

GCF has a portfolio of USD 12.8bn (USD 48.3bn including co-financing) delivering transformative climate action in more than 120 countries.

It also has a readiness support programme that builds capacity and helps countries develop long-term plans to fight climate change. GCF is an operating entity of the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC) and serves the 2015 Paris Agreement, supporting the goal of keeping average global temperature rise well below 2°C. For more information, visit: https://www.greenclimate.fund/.

7 November 2023: Easy Solar, a leading last-mile energy access and distribution company in West Africa, is pleased to announce it has raised USD 7 million in debt and equity from Acumen, Cygnum Capital and Triodos Investment Management.

Alexandre Tourre, the CEO of Easy Solar, explained what this means for the group: “We’re absolutely thrilled to have secured an investment from Triodos Investment Management. They bring a deep expertise in C&I solar, which is a critical growth area for Easy Solar in the current context of rapidly increasing energy prices in the region. Cygnum Capital and Acumen are historical investors who have supported our vision for many years by making impactful finance available where it is most needed and we’re delighted to expand our work with them. Together, we are at the forefront of building a clean energy future for West Africa.”

In partnership with TCX, Cygnum Capital’s facility will expand Easy Solar’s access to local currency financing in Sierra Leone, while Acumen will support the company with an innovative affordable inventory financing instrument tailor designed for hard to reach markets. On the Equity side, Triodos Investment Management will support the growth of Easy Solar’s burgeoning solar C&I business in the region, as well the company’s regional expansion plans.

Jiwoo Choi, Chief of Strategic Initiatives at Acumen, commented on the work done with Easy Solar: “Over the past six years, we have built a strong partnership with Easy Solar and have been inspired by their dedication to bringing transformative energy access to underserved and hard-to-reach communities through a solid business model. We are thrilled to extend our relationship through this deal, which is set to amplify the company’s impact in Sierra Leone.”

“This is our first exposure to so-called small-home-solutions and small-scale commercial and industrial solutions”, explains Marius Groenenberg, Principal Investment Manager at Triodos Investment Management. “Both are growing and important segments for energy in Africa, especially in the frontier markets where Easy Solar is active. Off-grid solar solutions have proven to be more than just a way to provide clean, affordable, and reliable electricity to underserved communities. Through the wide range of energy solutions offered by Easy Solar, customers are given the chance to boost their economic development thanks to the accelerated development of productive activity in these communities in a vast untapped market.”

###

About Easy Solar: Easy Solar, a leading last-mile energy access and distribution company in West Africa, building a widely recognized brand and a rapidly growing C&I business. Via its 300+ points of sales and deep network of agents, Easy Solar is uniquely positioned to reach the last mile clients, as well as provide clean energy solutions to households, hospitals, education centers and businesses. The company has powered over a million lives in Sierra Leone and Liberia since 2016.

8 November 2023: Meeting last week in Abuja and Lagos for the 2023 Energy Transition Forum, Nigeria’s leading energy experts have outlined the country’s roadmap to decarbonisation, and discussed what it will take to deliver universal access to clean energy for Nigerian households and businesses.

Speaking in front of senior representatives of some of Nigeria’s most prominent private and public organisations, Wale Yusuff, Managing Director of Wärtsilä in Nigeria, explained how the most advanced studies had shown that decarbonising Nigeria was not only feasible, but that it could also be done in a way that lowered the cost of electricity going forward.

“A lot of Nigerians still think that a renewable energy-based power system is expensive and unreliable, but it doesn’t have to be. On the contrary, I am confident we can reach universal and reliable access to low-cost clean power provided we don’t lose sight of the big picture strategy and develop the power system in logical steps. All the technologies needed for a net zero power system in Nigeria are already a reality: renewables, energy storage, balancing power plants, and sustainable fuels such as green hydrogen, ammonia, and methanol. These are the key ingredients needed to achieve our green electrification goals. When these technologies are combined in an adequate fashion, they deliver the lowest cost of electricity. Smart planning, strategy and transparent government regulations will do the rest”, Yusuff said.

Wind and solar are by far the cheapest source of new electricity available, so their massive deployment is what will significantly bring the overall system costs down. But as the share of renewables increases in power generation, the volatility of the system will surge, explained Yusuff. “That’s why grid flexibility is going to be the true cornerstone of Nigeria’s decarbonisation efforts.”, he said.

In other words, as wind and solar grow to become the dominant source of energy, their intermittent nature will need to be compensated by flexible power capacities to ensure that the supply of electricity always matches demand. Flexibility in the grid comes from balancing power technologies, namely energy storage and engine power plants, which help avoid unnecessary stress in the power system.

To meet the explosive growth of Nigeria’s electricity demand, the country’s power infrastructure must also be quickly expanded and modernised, both in terms of generation and transmission. “Bridging our infrastructure gap will require the union of different market forces: financing institutions both multilateral and local, government planning and private capital involvement.”, said Yusuff.

Ultimate fuel flexibility

Last year, Wärtsilä released a report which provides a detailed and realistic roadmap showing how Nigeria should proceed to build a 100% renewable energy power system by 2060.

The report shows that Nigeria has everything it needs to successfully accomplish its electrification goals. It benefits from fantastic solar energy resources, but it also has significant, and largely untapped gas resources.

Gas is a key transitional energy source that is set to play an important role in the country’s electrification. That’s why the gas infrastructure must also be rapidly ramped up. Cheap domestic gas is necessary to fuel the flexible engine power plants we need to balance a renewable grid in the short and medium term.

What is more, engine power plants offer the significant advantage of being able to run on different fuels, from natural gas and heavy fuel oil today, to locally produced green hydrogen, ammonia, and methanol tomorrow as they become competitive and broadly available. In this sense, they are the ultimate “future-proof” technology, meaning they are an ideal foundation on which a fully carbon neutral power system can realistically be built.

Future fuels are quickly becoming a reality in Africa. For example, very large-scale green hydrogen and ammonia plants, powered by renewable energy, are already being developed in South Africa by industry consortiums. Wärtsilä’s engine power plants, on the other hand, are expected to be able to function on methanol by the end of this year, on green Ammonia next year, and on green hydrogen by 2026. “The outlook for the use of future fuels in flexible engine power plants is indeed very positive”, concluded Yusuff.

###

About Wärtsilä Energy: Wärtsilä Energy leads the transition towards a 100% renewable energy future. We help our partners to accelerate their decarbonisation journeys through our market-leading technologies and power system modelling expertise. These cover decarbonisation services, future-fuel enabled balancing power plants, hybrid solutions, energy storage and optimisation technology, including the GEMS Digital Energy Management Platform. Wärtsilä Energy’s lifecycle services are designed to increase efficiency, promote reliability and guarantee operational performance. Our track record comprises 76 GW of power plant capacity and 110 energy storage systems delivered to 180 countries around the world. For more information, visit: https://www.wartsila.com/energy.

9 November 2023: Stichting Clean Energy and Energy Inclusion for Africa (CEI Africa) announces its intention to award a results-based financing (RBF) grant for a total of up to USD 1,886,700 to WeLight, a green mini-grid (GMG) developer, for the densification and construction of mini-grids in rural communities in Mali.

WeLight was awarded the RBF grant to support the densification of five mini-grids and the construction of nine mini-grids to connect rural communities in Mali, resulting in nearly 35,000 individuals gaining access to productive and renewable electricity.

The project marks a significant milestone in WeLight’s expansion and ongoing efforts to electrify Mali. Having achieved initial successes in the rural areas of Madagascar, WeLight is positioned to amplify energy access in Mali with the ambitious aim of electrifying 50 to 70 villages within the next two years. The country faces considerable electrification challenges, especially in remote rural areas off the main grid. Concurrently, Mali has tremendous untapped solar energy potential.

WeLight launched its activities in Mali in 2021 with the installation of five solar mini-grids resulting in 1,000 connections. This new phase is a testament to the positive results of the operator’s initial efforts. In the RBF-supported project, WeLight anticipates the creation of over 3,500 new connections. Once electricity is provided, WeLight fosters services tailored to the unique needs of residents and the village, emphasizing rural entrepreneurial development. These services span powering schools and public services, refrigeration, productive agricultural services, small-scale industries, eateries, and other utilities.

CEI Africa has allocated EUR 21M to support project developers to finance GMGs through RBF, including the provision of technical assistance. Renewvia, Kudura, and PowerHive were selected in CEI Africa’s first call for site-specific applications. WeLight’s project supports CEI Africa’s goal of improving energy access for households in rural sub-Saharan Africa, and in this case in a country where more than 53.4 percent of the population still lacks energy access.

“This collaboration will strengthen rural electrification efforts in Mali,” stated Moez Zouaoui, the country coordinator for WeLight Mali. “It signifies a considerable milestone, reaching nine additional villages and 3,500 residents. Access to productive electricity is vital, as it enables socio-economic development across various domains for the community. We extend our heartfelt thanks to CEI, as well as the Malian government and authorities, for their steadfast support in advancing rural energy access.”

“On behalf of CEI Africa, we are delighted to support the expansion of energy access in Mali,” said Claudia Vroom, Board member of CEI Africa. WeLight’s off-grid solutions empower communities by providing reliable power that fuels economic and social development.”

The RBF grant award is pursuant to fulfillment of certain conditions precedent agreed to between CEI Africa, and WeLight, which includes, among others, the execution of a Grant Agreement. The RBF grant funding will be disbursed upon completion of new electricity connections.

###

About WeLight: Established in 2018, WeLight delivers clean, affordable, reliable, and productive energy to remote rural populations in Madagascar and Sub-Saharan Africa. Targeting isolated villages, WeLight significantly drives their socio-economic growth. Our firm merges on-ground expertise with cutting-edge technology, integrating mini-grids and renewable energy sources to enable energy inclusion for these villages. Notably, WeLight is the premier company in Madagascar to earn the “B Corp” certification, a prestigious international distinction awarded to businesses upholding the most stringent social and environmental standards.

About CEI Africa: CEI Africa was established by the German development finance institution KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) in 2021 to improve access to energy for rural and peri-urban households and enterprises in sub-Saharan Africa. CEI Africa is managed by Triple Jump B.V., Persistent, and GreenMax Capital Group. It is a one-stop shop for mini-grid developers and other off-grid energy companies, offering a variety of financing instruments. The implementation of the Foundation’s Crowdlending window, which provides debt and investment products in collaboration with European Crowdlenders, is led by Persistent. CEI Africa has allocated EUR 28M to support off-grid energy companies and mini-grid project developers through co-financing with Crowdlenders, including the provision of Technical Assistance. GreenMax manages the Results-based and impact-based financing window, offering results-based financing grants and forgivable loans.

13 November 2023: Leading cleantech utility and energy access company, Havenhill Synergy Limited, ‘Havenhill’ announces the successful deployment of a 1MWp Solar PV Plant at Ado Bayero Mall, an ultra-modern shopping mall in Northern Nigeria located in the heart of Kano City.

This ground-breaking project represents the largest solar power purchase agreement signed for a shopping mall in Nigeria. With this installation, the roof-mounted power plant will generate 1.285 GW of clean energy annually. This project is estimated to offset up to 1,797.48 metric tons of CO2 emissions each year, equivalent to the positive environmental impact of planting over 70,000 trees annually. The project also contributes to the fight against climate change, local air pollution and noise pollution.

Speaking about this landmark achievement, Olusegun Odunaiya, the CEO of Havenhill, stated, “We are excited to have deployed the 1MW Solar PV Plant at Ado Bayero Mall, a testament to our unwavering dedication to providing innovative energy solutions in Nigeria. The increasing costs of fossil fuels, including diesel and petrol, underscore the immense potential for the large-scale adoption of solar energy in the country. With co-financing from Sterling Bank Plc, this project highlights the importance of local currency investments for the development of power infrastructure in Nigeria.”

Spanning over 10 hectares, the mall provides a vast 24,000 m² of retail and entertainment space, accommodating both local and international shopping retailers, a modern multi-screen cinema, and a variety of offerings including restaurants and media stores. The solar PV system’s integration powers critical infrastructure within the facility, including chillers, water treatment plants, the administrative building, and the various stores. The mall’s transition to solar power, not only aligns with its commitment to sustainability but also significantly contributes to reducing carbon emissions and minimizing operational costs.

The Board & Management of Beverly Dev. & Realties Limited (Owners of Ado Bayero Mall) said, “We are proud of the milestone inauguration of the 1MW Solar PV Plant at the Mall in collaboration with Havenhill Limited. This marks a significant step in our commitment to sustainable operations and reinforces our dedication to environmental responsibility. We are thrilled to be at the forefront of eco-friendly initiatives within the commercial sector in Kano, demonstrating our dedication to both the community and the environment while reducing operational expenses.

Speaking on the installation, the Group Head, Oil & Gas, Power and Renewable Energy at Sterling Bank, Dele Faseemo, said that this installation further demonstrates the viability of powering commercial properties with renewable energy sources. According to Faseemo, “With rising energy costs, powering commercial properties in a sustainably affordable manner will become the norm in the near future.”

Havenhill Synergy Limited spearheaded the deployment of this project under her Energizing Commerce & Industry business unit through a long-term power purchase agreement. The goals of this project include reducing reliance on fossil fuels, curbing carbon emissions, diversifying the energy mix, cutting operational expenses, and ensuring long-term sustainability.

The successful implementation of the 1MW Solar PV Plant at Ado Bayero Mall underscores the collaborative efforts of Havenhill Synergy Limited, Beverly Development and Realties Limited, and Sterling Bank, showcasing the dedication and commitment of all stakeholders towards environmental responsibility and sustainable energy practices.

###

About HAVENHILL: Havenhill Synergy Limited is a clean-tech utility company that uses solar energy to generate clean, safe, cost-effective and sustainable electricity in rural and urban Nigeria. Havenhill does this through business units namely: Energizing Communities (Rural Electrification), Energizing Healthcare, Energizing Commerce (Commercial & Industrial), Energizing Agriculture and Energizing Education.

In rural areas, Havenhill deploys smart solar mini-grids to commercially viable off-grid rural communities. In urban areas, Havenhill helps businesses (like factories, large farms etc) reduce their energy cost and provide them with more reliable energy access through our Commercial & Industrial (C&I) solar offering. For more information, visit: www.havenhillsynergy.com.

• AMEA Power has now announced the closing and funding of a $75 million equity funding round from SoftBank Group Corp. (“SBG”), a Japanese investment holding company.

21 November 2023: AMEA Power, one of the fastest growing renewable energy developers in Africa, has closed and received funding for a $75 million equity funding round from SoftBank Group Corp. (“SBG”), a Japanese investment holding company.

SBG’s funding brings together a mutual partnership with SBG joining the Board of AMEA Power. Several international institutional strategic corporate and financial investors are also evaluating a potential investment following on from the SBG investment.

Citigroup Global Markets Limited acted as a Financial Advisor to AMEA Power.

###

About AMEA Power: Headquartered in Dubai, AMEA Power is a developer, owner and operator of renewable energy projects. As one of the fastest growing renewable energy companies in the region, the company is rapidly expanding its investments in wind, solar, energy storage and green hydrogen, demonstrating its long-term commitment to the global energy transition. AMEA Power has assembled a world class team of industry experts to deliver projects across Africa, the Middle East and other emerging markets. For more information, visit: www.ameapower.com.

28 November 2023: A new World Bank program is set to exponentially accelerate sustainable and clean energy access and provide life-transforming opportunities for 100 million people in up to 20 countries across Eastern and Southern Africa over the next seven years.

In a region where only 48% of the overall population—and just 26% in rural areas—has access to electricity, the Accelerating Sustainable and Clean Energy Access Transformation (ASCENT) Program will be a game-changer. Lack of energy access hinders the region’s economic recovery, resilience, and faster progress toward poverty reduction. It also results in significant food spoilage owing to lack of refrigeration, particularly in countries already plagued with food insecurity, and plays a role in poor health outcomes given that less than half of all hospitals in the region have reliable electricity access.

“The lack of energy access is the most significant challenge to development progress in the region today. The ASCENT program is a game changer in efforts to address universal access to energy and the clean energy transition, bringing together global and local knowledge, with a menu-based approach for empowering countries to pursue their national energy-access goals while leveraging regional integration opportunities,” said Victoria Kwakwa, World Bank Vice President for Eastern and Southern Africa. “By pooling our knowledge and resources from across the World Bank — (the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA) — in collaboration with partners from the public and private sector, we can leverage the IDA financing envelope of $5 billion for an additional $10 billion that will unlock opportunities and transform millions of lives.”

The ASCENT program outcomes will include increased productivity, more and better job opportunities, access to information and technologies, improved health, reduced time spent on cooking chores, improved resilience and better services provided by electrified schools and health clinics. Women, who are often disproportionately burdened by the lack of energy access, will benefit the most. They will also be provided additional income-generating and employment opportunities to unleash their economic potential.

The ASCENT components will be organized into three pillars, the first of which focuses on the development of regional and national platforms to enable economies of scale and cost reduction strategies. “Through the regional platforms, countries will align regional and national planning processes, mobilize financing at regional scale, and aggregate climate benefits at regional level to mobilize climate/impact financing. The regional platforms will include the ASCENT Regional Acceleration Platform, a comprehensive knowledge and technical assistance facility implemented by Common Market for Eastern and Southern Africa (COMESA) and the ASCENT Regional Energy Access Financing Platform, implemented by the Trade and Development Bank, supporting the region’s distributed renewable energy and clean cooking companies,” said Boutheina Guermazi, World Bank Director of Regional Integration for Africa and the Middle East.

The second pillar will contribute to expanding grid electrification through investment and technical assistance on grid densification and expansion; grid connections, reinforcement and upgrading; and variable renewable energy (VRE) integration investments. It will also strengthen energy utilities, including building capacity of management and monitoring systems, increasing digitization, revenue protection programs, and other improvements needed to deliver fast-paced electrification.

The third pillar will finance investments in scaling distributed renewables (DREs) and clean cooking to expand energy access for households, enterprises, farmers, schools, health clinics, and other institutions, including through financial intermediary financing.

The program will start in four countries (Rwanda, Sao Tome and Principe, Somalia and Tanzania) and will expand to up to 20 countries in the region over the next seven years. These four countries were selected as ASCENT champions, representative of the energy access stages and contexts found in the region, thereby providing both inspiration and lessons for countries facing similar conditions.

###

About World Bank’s International Development Association (IDA): The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives. IDA is one of the largest sources of assistance for the world’s 74 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change to the 1.3 billion people who live in IDA countries. Since 1960, IDA has provided $458 billion to 114 countries. Annual commitments have averaged about $29 billion over the last three years (FY19-FY21), with about 70 percent going to Africa. For more information, visit: IDA.worldbank.org.

1 December 2023: The competition stage of the Zero Emission Generators (ZE-Gen) Circularity Challenge has announced The CoolCycle Project as the overall winning innovation, selected to receive USD $50,000 to help bring its transformative solution to life.

The CoolCycle Project is the combined effort of two Nigeria-based organisations – Youth Sustainable Development Network and KAMIM Technologies, led by Damilola Hamid Balogun and Adekoyejo Kuye. Having been selected to receive the $50,000 competition prize, Cool Cycle will use the funding to launch a pilot project in Epe, Lagos State, Nigeria.

The CoolCycle Project repurposes parts from disused generators to create affordable, energy-efficient solar-powered cooling systems, addressing generator waste and cooling needs to transform waste into wealth for Nigerian farmers.

The cold storage systems will be deployed at farm clusters, first-mile distribution/aggregation centres, local markets, and other critical points across the food supply chain. This solution simultaneously tackles post-harvest losses and environmental challenges associated with end-of-life generators. The project’s pilot in Epe will involve the repurposing of eight end-of-life generators, resulting in the construction of two commercial-size walk-in 5000kg capacity cold rooms, deployed on two farms.

The ZE-Gen Circularity Challenge, launched in May 2023, aims to accelerate the circularity of fossil fuel-powered generators in Nigeria. Through the multi-stage competition, applicants were assessed against key criteria, including potential scalability, circular economy alignment, fossil fuel displacement, job creation opportunities, innovation, and sustainable development consideration. The selection panel was comprised of four Nigeria-based sector experts: Kemi Ajakaiye – Board member of African Circular Economy Network, Tomilola Olakiigbe – Finance Manager at All On, Yasmin Osaghae – Country Coordinator at Manufacturing Africa and Zira Quaghe – Nigeria Advisor at Integrate to Zero. The top three candidates received funding of $10,000 each, undertaking an eight-week feasibility study to develop and test their technologies, culminating in a final pitch presentation to the panel of experts to determine an ultimate winner.

Reflecting on the vision and ambition of the project, Adekoyejo Kuye, The CoolCycle Project Co-Ordinator said: “Waste management is undergoing a shift from a linear model to a circular and resource recovery one, and The CoolCycle Project exemplifies this transformation in action. Our initiative revolves around the innovative repurposing of components from discarded generators, seamlessly integrating them into cost-effective cooling solutions to mitigate environmental hazards associated with end-of-life fossil generators, enhance access to sustainable energy, and deliver essential cooling solutions to underserved communities. We are confident in the transformative potential of this project, and to scale from these commercial pilots to other farming communities across Nigeria”.

Further updates will be shared on the progress of the winning project as the deployment of the pilot project gets underway over the coming months.

The competition was closely contested, with innovative ideas and passionate teams vying for the prize. Deserving of recognition, the two runners up from the feasibility study stage: Husk Power and Nevadic Solar.

Husk Power’s design repurposes fossil fuel generators into solar-powered irrigation water pumps, promoting resilient agriculture and inclusive livelihoods. The company’s feasibility study involved extensive market research in the rural communities where it had already deployed solar mini-grids. Husk also researched the generator market, business models, and opportunities for emissions reduction, socio-economic impacts, and profitability.

Nevadic Solar, (Project Re-imagine) conducted a feasibility study on disassembling end-of-life generators to create prime movers (PRPMs) for applications in rural Nigerian communities: powering irrigation pumps, food grinding and rice milling machines. The study addressed a number of key research questions related to the repurposing of generators for use in the agricultural sector, including the efficiency of renewable energy systems for driving equipment, and the feasibility of converting alternators from generators into a DC motor. Ultimately, the company was able to prove its concept by constructing a milling machine from generator parts.

Results from The CoolCycle Project will be shared at the end of the demonstration phase.

4 December 2023: Today, Acumen launched Hardest-to-Reach, a $250 million initiative to activate clean energy markets in Africa’s underserved geographies. Critical to achieving universal energy access, the initiative was unveiled at the SDG7 Pavilion at COP28 alongside key supporter the Green Climate Fund (GCF). It will build on Acumen’s success of providing energy access to low-income communities living beyond the grid in sub-Saharan Africa. Hardest-to-Reach is the first blended finance initiative exclusively dedicated to expanding clean and affordable energy access for low-income people in neglected markets in Africa.

Additional key funders include USAID Power Africa, Sir Christopher Hohn, The Global Energy Alliance for People and Planet (GEAPP), and Shinhan Bank.

“There is currently a planet-sized market failure that impedes Africa’s clean energy future,” said Jacqueline Novogratz, Founder and CEO of Acumen. “That’s not just a loss for the hundreds of millions of people directly affected by limited access to electricity; the entire world loses out by leaving Africa behind. And bringing clean energy to those without electricity today is one of the most powerful things we do for both adaptation and long-term mitigation. At Acumen, we’ve worked with entrepreneurs in the energy sector who have taken capital, demonstrated the viability of their companies to private investors, and provided clean energy to hundreds of millions and jobs to hundreds of thousands. We look forward to multiplying these successes with the goal of achieving universal energy access and avoiding millions of tons of carbon emissions in the coming years.”

In developing countries, climate ambitions are overshadowed by massive energy deficits. 675 million people live without electricity access – 80 percent of whom are in sub-Saharan Africa – and still rely on kerosene, charcoal, wood, petrol and diesel to fuel their lives beyond the grid. This new initiative will uplift sub-Saharan countries with low electrification and high poverty rates by supporting off-grid solar companies through flexible, impact-first financing.

“Through $65 million in direct funding, the Green Climate Fund is proud to team up with Acumen to accelerate just, inclusive energy transitions in sub-Saharan Africa’s poorest regions, often neglected by traditional investors,” said Green Climate Fund Executive Director, Mafalda Duarte. “The Hardest-to-Reach programme blends debt, equity, grants and technical assistance to create and open up markets in new regions, providing clean energy for an estimated 60-plus million people across 16 countries, including Somalia.”

In addition to grants and equity, Hardest-to-Reach uses an innovative impact-linked financing approach to meet the needs of off-grid energy companies at each stage of their development.

“Acumen has been a crucial investor in our company not just as a financier but also as a long-term strategic partner,” said Jonathan Cedar, co-founder and CEO of BioLite. “Without their investment, BioLite would not have grown by 50x and expanded our reach to impact 8 million lives and offset 2 million tons of carbon.”

“I am excited to partner with Acumen and share their determination to achieve universal energy access in sub-Saharan Africa. Acumen’s unique track record of investing at the intersection of poverty and climate sets this initiative apart,” said Sir Christopher Hohn, co-founder and Chair of The Children’s Investment Fund Foundation (CIFF).

Acumen is consistently recognized as a preferred partner by impact-focused climate financiers with $153 million in committed capital in their sponsored funds, in addition to their direct investing work. Acumen’s focus on serving marginalized communities in the transition to clean energy has resulted in investments in 40 companies, positively impacting over 223 million lives and preventing 58.5 million tons of greenhouse gas emissions.

The initiative was made possible thanks to early support from the Fourdoves Foundation, Good Energies Foundation, The Osprey Foundation, UK aid from the UK Government via the Transforming Energy Access (TEA) Platform, The Bill & Melinda Nussey Foundation, Reed Hastings, and Chris Anderson & Jacqueline Novogratz.

###

About Acumen: Acumen is changing the way the world tackles poverty by investing in companies, leaders and ideas. We invest Patient Capital in businesses whose products and services are enabling the poor to transform their lives. Founded by Jacqueline Novogratz in 2001, Acumen has invested more than $154 million in 167 companies across Africa, Latin America, South Asia and the United States. We are also developing a global community of emerging leaders with the knowledge, skills and determination to create a more inclusive world. In 2015, Acumen was named one of Fast Company’s Top 10 Most Innovative Not-for-Profit Companies. For more information, visit: www.acumen.org.

About the Green Climate Fund: The Green Climate Fund (GCF) is the world’s largest dedicated climate fund. GCF’s mandate is to foster a paradigm shift towards low-emission, climate-resilient development pathways in developing countries. GCF has a portfolio of USD 13.5 billion (USD 51.8 billion including co-financing) delivering transformative climate action in more than 120 countries. It also has a readiness support programme that builds capacity and helps countries develop long-term plans to fight climate change. GCF is an operating entity of the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC) and serves the 2015 Paris Agreement, supporting the goal of keeping average global temperature rise well below 2°C.

6 December 2023: Ignite Power, a UAE-based climate-tech company scaling sustainable infrastructure solutions across Africa, proudly announces the receipt of grant support from the esteemed Catalytic Climate Finance Facility to introduce the groundbreaking Climate Credit Enhancement Facility (CCEF). This disruptive initiative aims to revolutionize the off-grid solar sector by offering a smart, data-driven guarantee mechanism for customer payments, thereby mitigating risks associated with ongoing payments and enabling accelerated growth in the sector.

Off-grid solar solutions have emerged as the most sustainable, scalable, and affordable means for providing electricity to remote rural communities. These solutions, particularly under the pay-as-you-go model, have already made a profound impact by granting hundreds of millions access to electricity. However, the customer payments under its model, primarily of some of the world’s poorest families, pose significant risks, deterring potential investors and financiers from supporting this thriving sector.

We are committed to tirelessly designing and implementing forward-thinking, disruptive models to connect communities in need and pave the way to a sustainable and inclusive future” — Angela Homsi, President, Ignite Power.

The CCEF, designed by Ignite Power, aims to eliminate these risks, facilitating capital mobilization at scale. This strategic endeavor aims to extend off-grid solar solutions to an additional 100 million people across the Sub-Saharan African region, paving the way for universal sustainable energy access.

“We are deeply honored to partner with such a prestigious organization that shares our vision for a disruptive model poised to generate substantial, large-scale impact”, says Angela Homsi, Ignite Power President. “This collaboration exemplifies our commitment to innovative solutions that transcend barriers and foster inclusive growth.”

Ignite Power has established itself as a leading executor of last-mile solar electrification projects, successfully connecting 2.5 million people across 18,000 villages. These initiatives have also contributed significantly to environmental sustainability by saving 600,000 tonnes of greenhouse gas emissions. The company proudly secured the 2023 Zayed Sustainability Prize for the Energy category, reaffirming its dedication to disruptive sustainable technologies and models.

“Despite remarkable progress in recent years, hundreds of millions of people across Africa still live without access to electricity,” says Homsi. “We are committed to tirelessly designing and implementing forward-thinking, disruptive models to connect these communities and pave the way to a sustainable and inclusive future”.

###

About Ignite Power: Ignite Power is a leading climate-tech company specializing in last-mile solar-based infrastructure solutions. With a mission to provide clean, reliable, and affordable energy access to 100 million people across Africa, Ignite Power continues to lead the way in sustainable energy innovation, creating impact at scale and creating a cleaner, more inclusive future for Africa and the world.

About the Catalytic Climate Finance Facility (CC Facility): The Catalytic Climate Finance Facility (CC Facility) accelerates the implementation of high-impact, ready-to-scale financial structures through a suite of services that include grant funding, technical support, and a market-building learning hub. The CC Facility fills a market gap and reduces market fragmentation to mobilize private capital for climate action in developing economies. The CC Facility is a partnership between Climate Policy Initiative and Convergence. The CC Facility has raised USD 13 million to date and is fundraising for a second round of USD 10 million by September 2024 as we move toward our goal of reaching USD 100 million in size over the next few years.

About Convergence: Convergence is the global network for blended finance. On top of market acceleration through its Design Funding program, Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries. Convergence’s global membership includes over 160 public, private, and philanthropic investors as well as sponsors of transactions and funds. Convergence’s Design Funding Program operates as a market acceleration tool providing early-stage capital to support blended finance solutions in frontier markets and nascent sectors to accelerate the number of investible transactions in market targeting SDGs.

About Climate Policy Initiative: CPI is an analysis and advisory organization with deep expertise in finance and policy. Our mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change. CPI has six offices around the world in Brazil, India, Indonesia, the United Kingdom, and the United States. CPI serves as the Secretariat for the Global Innovation Lab for Climate Finance (the Lab), an incubator program that develops innovative financial mechanisms to drive private investments into climate change mitigation and adaptation in developing economies.

• Initial collaboration exceeded deployment targets within two years;
• Partnership demonstrates how philanthropic and development finance institutions can align to enable faster deployment of capital into impact sectors;
• Expansion will support several distributed renewable energy (DRE) areas including energy for households and local enterprises, e-mobility, and climate-smart agri-tech;
• Specific focus on local representation and consideration for gender inclusion.

6 December 2023: The U.S. International Development Finance Corporation (DFC) and Shell Foundation, the U.K.-registered charity supporting energy access market solutions in Africa and South Asia, have signed an MOU expansion intended to increase the flow of commercial capital into DRE solutions in emerging markets.

DFC and Shell Foundation entered an MOU in 2021 with the aim of deploying $150 million into emerging market DRE solutions. Since then, the two organisations have established a strong working relationship and surpassed the expected total of capital deployed in less than two years.

The partnership has demonstrated the ability of philanthropic and development finance capital to work effectively together. This was done by leveraging Shell Foundation’s risk-tolerant capital and on-the-ground market knowledge alongside DFC to enable successful and earlier deployment of capital into high-impact businesses.

The ongoing partnership will continue to build on the strong working relationships, processes, and institutional knowledge to help drive greater impact for the DRE sector. Highlights of the collaboration to date include:

• DFC’s $40 million commitment to the Shell Foundation-seeded Energy Entrepreneurs Growth Fund;
• Shell Foundation’s $3 million investment into the Mirova SunFunder Gigaton Fund, alongside DFC’s $100 million commitment;
• DFC’s debt capital commitment of $8.9 million to India-based S4S Technologies for a gender-inclusive, climate-resilience project alongside $1.5 million of Shell Foundation de-risking capital;
• Collaboration on an innovative gender outcomes pilot with Shell Foundation and DFC clean mobility clients Ampersand and RevFin.

The MOU expansion is intended to substantially increase the flow of commercial capital into several focus areas within the DRE sector that align with DFC’s strategic priorities and Shell Foundation’s charitable objectives, including household energy, energy for mobility, and climate-focused agri-tech.

DFC and Shell Foundation have prioritized finding ways to promote greater investment in enterprises based in local countries. This is complemented by increased efforts for diverse and inclusive approaches to invest in and support improved outcomes for women clients in their respective portfolios. The MOU expansion reflects the intention to scale the results of this workstream so that it comprises the bedrock of multiple investments directly into enterprises and indirectly through funds and financial intermediaries.

“Successful working partnerships such as the one between Shell Foundation and DFC are critical to achieving a just and inclusive energy transition,” says Jonathan Berman, Shell Foundation CEO. “The success of the initial MOU and the potential within this expansion are reflections of the two organisations’ alignment in strategy, understanding of respective risk profiles, and joint commitment to support income-generating energy solutions that can impact millions of underserved customers across Africa and South Asia.”

“DFC is proud to grow the longstanding partnership with Shell Foundation to expand our collective support for critical renewable energy solutions across emerging markets,” says Aparna Shrivastava, DFC Deputy Chief Climate Officer. “DFC and Shell Foundation’s partnership encompasses a diverse and inclusive portfolio of clients and communities across the globe, and we are excited to see that footprint continue to grow. No one government or group of governments alone can bridge the climate financing gap to reach those in need in emerging markets – that’s why partnerships like this are essential.”

###

About DFC: The U.S. International Development Finance Corporation (DFC) is the U.S. Government’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

About Shell Foundation: Shell Foundation is an endowed, U.K.-registered charity that catalyses clean energy innovation and unlocks inclusive investments in Africa and India, empowering millions of underserved customers – of which half are women – to earn a living income. 

• Support of one million euros, under the 5th edition of the Access to Energy Fund (A2E), will directly impact around half a million people;
• With this initiative, EDP is reinforcing its strategy of social impact and a just energy transition in developing economies, one of the topics on the agenda of COP28, which is taking place in Dubai.

7 December 2023: The use of decentralised solar production and energy storage technologies are common points in the 10 projects selected for the 5th edition of the A2E (Access to Energy) social responsibility fund. Out of a total of 192 applications, initiatives were selected from organisations in five African countries – Nigeria (4), Kenya (2), Rwanda (2), Malawi (1) and Mozambique (1) – which will now benefit from a total funding of one million euros to develop their projects.

These initiatives include, for example, electrification systems for small clinics, lighting for primary schools, energy supply for agricultural production or a solar mini-grid that will electrify a small community. In total, it is estimated that these projects could positively impact the lives of around half a million people.

“We aspire to a world where all communities, especially the most vulnerable or in remote regions, can have secure access to such a basic commodity as electricity. At EDP, we have turned this desire into a mission: we want to help bring clean, safe and affordable energy to these communities and, by doing so, generate a positive impact on society and contribute to their progress,” emphasises Vera Pinto Pereira, executive board member of EDP and president of the EDP Foundation, “With these ten new projects, we are reinforcing our commitment to the just energy transition and building a future where energy inclusion is a reality.”

Created in 2018 to support projects that promote access to renewable energy in remote and vulnerable communities, the A2E Fund directly impacts priority areas such as health, agriculture, education, the economy or access to drinking water. Since then, in the last four editions, the fund has invested 2.5 million euros to support 28 projects in seven countries in Africa, benefiting more than 1.5 million people – a universe that will now reach almost two million.

Financing renewable energy projects in emerging countries – and especially in Africa – is also one of the topics that is once again on the agenda at COP28, the world’s main climate conference, which runs until 12 December in Dubai and in which EDP is once again taking an active part. An agenda that was marked, right from the start, by the commitment of the European Union and five other countries to create a historic fund to help developing nations deal with climate change.

Ten ideas for energy inclusion

With four of the ten projects, Nigeria is once again the country with the most initiatives supported by the A2E Fund. One of the selected projects is promoted by CEESolar Energy, which aims to support 250 rice farmers to improve their productivity and living conditions in a region where energy is still scarce. PAMAfrica Green Power Generation‘s project also aims to create a ‘Net-Zero Village’ with mini-grid systems in a remote agricultural region. Husk Power Energy Systems, as well as investing in storage systems, wants to guarantee clean and reliable energy in rural health centres to combat the high maternal and infant mortality rate, and the Retech Foundation is going to electrify five schools with a solar system.

In Kenya, Centrum Narovinu will develop a project in a community of orphaned children and vulnerable families on the island of Rusinga, which will guarantee energy supply for agricultural and educational activities. Another project, promoted by OffgridSun, involves promoting basic sanitation and access to drinking water that will be managed and commercialised in partnership with the community.

Two projects were also chosen in Rwanda. One is by SFH – Society for Family Health, which will electrify health centres and guarantee drinking water systems and basic access to energy in the region with the least access in the country. The other is from the Sustainable Villages Foundation, which is developing a pilot project to electrify a small community to support its agricultural, health and education activities.

In Mozambique, Ibo Foundation was selected for an energy project to be implemented in educational centers in the Cabo Delgado region, where blackouts are still frequent. And in Malawi, the initiative promoted by Sopowerful aims to strengthen the security and stability of the electricity system at Mlambe hospital through solar energy.

To find out more about each of these projects, visit A2E area in EDP’s website.

With this fifth edition of the A2E Fund – which has doubled the amount of funding to one million euros by 2022 – EDP is reinforcing its commitment to the sustainability of the planet by expanding renewable energies and combating the electrical exclusion that still affects the lives of millions of people. Supporting these projects is thus a decisive contribution to ensuring a more sustainable, inclusive and fair future, in line with EDP’s own social impact strategy Y.E.S. – You Empower Society and the company’s ambition to be totally green by 2030.

• Game-changing partnership between super-platform Bboxx and Kuwait’s EnerTech delivers electrification platform to turbocharge Bboxx’s on-the-ground impact across 11 markets;
• It will connect millions of new customers with a bundle of clean energy, clean cooking, smartphones, smart financing and e-mobility products – many for the first time;
• Announced during COP28, this innovative initiative will help close the climate finance gap in Africa, unlocking access to essential services for millions.

13 December 2023: Millions in Africa are set to get access to clean energy, clean cooking, e-mobility services and other innovative products following today’s announcement of a first-of-a-kind electrification platform, valued at up to USD$100 million. This pioneering initiative is the outcome of a partnership signed at COP28 between Bboxx, a data-driven super platform, and EnerTech, a Kuwait-based innovator, investor and developer of end-to-end sustainability solutions.

This partnership marks a joint commitment to deliver clean technologies and will enable Bboxx to expand its impact tenfold, from currently serving 3.6 million people to benefiting 36 million people by 2028.

The collaboration marks a transformative phase in Bboxx’s ability to transform lives across sub-Saharan Africa, from Lagos to Nairobi. Bboxx’s approach involves connecting consumers with a variety of innovative products at scale throughout the continent.

Central to its rapid scaling capabilities is Bboxx Pulse®, a fully integrated operating system, with an extensive on-the-ground network that connects customers with clean energy, clean cooking, smartphones, smart financing, and e-mobility, many of which are being accessed for the first time by these communities.

Funding from this first deal with EnerTech, expected to commence in the first quarter of 2024, will facilitate rapid development and deployment of these essential services. The investment is to significantly deepen Bboxx’s market penetration and, subsequently, its impact on underserved individuals and communities.

“With this strategic alliance, Bboxx will turbocharge the impact we have on communities across sub-Saharan Africa.” said Mansoor Hamayun, CEO at Bboxx. “Our shared vision is to transform the lives and livelihoods of our customers by giving them access to clean and affordable energy, clean cooking, e-mobility and technology like smartphones, that genuinely unlock their potential, day by day. This collaboration with EnerTech is a testament to our commitment to providing sustainable solutions to communities across Africa.”

Mr Hamayun added: “This is the latest example of partners seeing and seizing this massive market opportunity and plugging into Bboxx – developed through green tech and big data and designed for scale.”

Abdullah Al Mutairi, CEO of EnerTech, said: “Through our partnership with Bboxx, we are delivering on our mission to drive impactful, transformative projects that uplift climate-affected, underserved communities. The electrification platform will deliver much needed climate finance to projects that are set to have a beneficial impact on communities – aligning with the UN Sustainable Development Goal for providing affordable, reliable, and sustainable energy access. The collaboration will also play a pivotal role in our progress towards carbon neutrality and delivering real change on the ground.”

This announcement marks the beginning of a series of strategic partnerships with the State of Kuwait, which aims to reach Net Zero by 2060 and is a key player in shaping and advancing the carbon market in Africa.

###

About Bboxx: Bboxx is a data-driven super platform, transforming lives and unlocking potential by connecting consumers and deploying innovative products across Africa.

Bboxx is championing the economic empowerment of Africa, accelerating the transition to the digital economy and creating new markets. We have built Bboxx Pulse®, a fully integrated operating system, and combined it with an extensive on-the-ground network to connect customers with clean energy, clean cooking, smartphones, e-mobility and selected financial products – many for the first time.

Following the successful acquisition of solar energy frontrunner PEG Africa in 2022, Bboxx is now positively impacting the lives of more than 3.6 million people in 10 operating markets, directly contributing to 11 of the 17 United Nations Sustainable Development Goals. Bboxx and its group of companies is one of the largest networks in Africa, with over 4,000 staff across Africa and offices in the UK and Asia. For more information, visit: bboxx.com.

About EnerTech: EnerTech Holding Company is a Kuwaiti-sovereign owned investor and developer in the clean energy and sustainable infrastructure sector. Serving as an originator, investor, and developer of sustainable infrastructure projects, EnerTech’s primary focus encompasses four domains: energy and water, recycling and waste management, sustainable agriculture and food security, and clean technology investments. With an extensive project portfolio, EnerTech is actively involved in projects across Latin America, Africa, the GCC, and South Asia. For more information, visit: www.enertech.com.kw.

• Alianza Shire, which was selected as a good practice in the first Global Refugee Forum, will bring access to electricity to about 55,000 persons in refugee communities and host communities at Dollo Ado, in the south of Somali region in Ethiopia;
• The project is carried out by a multi-actor partnership formed by AECID, itdUPM, acciona.org, Signify and Iberdrola with the collaboration of UNHCR and the co funding from the European Union.

13 December 2023: Alianza Shire ─ the first multi-actor partnership for humanitarian action in Spain─ is bringing access to electricity to the homes and the communal facilities of the refugee communities and their host communities at Dollo Ado, a remote area in the south of Ethiopia without access to basic infrastructure.

Alianza Shire is formed by the Spanish Agency for International Development Cooperation (AECID), Universidad Politécnica de Madrid through its Innovation and Technology for Development Centre (itdUPM), acciona.org Foundation, Signify and Iberdrola, and it has the collaboration of the UN Refugee Agency (UNHCR).

The project it carries out at Dollo Ado is bringing access to the electricity basic service, through solar home systems, to the homes of about 6,500 persons at Hilaweyn, a village bordering Somalia where there is one of the refugee camps of the area.

The home electricity service delivery model ─designed to last in the long term─ is planned to end its implementation in the first quarter of 2024 and it will benefit about 17,000 persons when the installation of the total of 2,000 systems planned will be ended.

AN EXPERIENCE-BASED MODEL

The model developed is based on the experience of the acciona.org Foundation with its rural electrification initiative Light at Home, implemented in different countries where acciona.org has also had the collaboration of Universidad Politécnica de Madrid and co funding from AECID.

Macarena Romero, coordinator of Alianza Shire at the AECID offices at Addis Ababa, states that this initiative “shows the feasibility of developing models to bring access to reliable, clean, lasting electricity services to meet the needs of refugee population”. “The management model set in Dollo Ado” highlights Romero “allows, from the beginning, the involvement of the beneficiaries, the local organizations and the regional government. For Alianza Shire, applying a delivery model tailored to the context is the key to ensure both the accessibility and the sustainability of what is built”.

Cristina Ruiz, manager of the area of Energy at acciona.org, explains: “We have contributed with our knowledge to develop a solution tailored to the refugee communities and the host communities at Hilaweyn, as we are specialised in bringing access to electricity to homes in complex environments through our global initiative ‘Light at Home’. Using solar home systems to provide electricity, we apply a sustainable & affordable service model that involves different actors being relevant in the area to ensure that service in the long term”.

The long-term sustainability of this model is ensured thanks to the commitment of organizations working in the area, such as the NGO Save the Environment Ethiopia (SEE), the Hilaweyn Energy Cooperative Murukmale, the Ethiopia Refugees and Returnees Service (RRS), the local authorities, and the population living in the refugee camps and the host communities.

Thanks to the co funding from the European Union, innovative models of access to the electricity basic service will be implemented up to have reached about 55,000 persons in total benefited, with also street lighting and communal systems, in refugee communities and host communities.

In the first quarter of 2024, the installation of a solar street lighting system, designed and implemented by Signify, is planned to meet the needs of about 38,000 persons in the refugee camp and the host community of Kobe.

In addition, a microgrid coordinated by Iberdrola is being developed to bring service to almost 9,500 persons at Kobe. This microgrid will be started up in the first months of 2024 and it will be operated in a similar way to a PV community energy project.

ALSO BENEFITING THE HOST COMMUNITIES

The inclusion of the communities hosting the refugee camps ─such as Hilaweyn which is one of the settlements that receive thousands of Somalis fleeing from conflicts aggravated by recurrent draughts─ is essential to ensure the integration of the refugees and alleviate the stress of resources that are usually scarce in the communities where they settle.

Ethiopia hosts generously more than 900,000 refugees in 24 camps, however the level of funding of UNHCR operations in these refugee camps is about 34% of needed.

Despite the transitory nature of the refugee camps, on many occasions they become permanent solutions that present several shortages of coverage and services due to the insufficient funding.

According to the last UNHCR’s ‘Forced Displacement in 2022 Global Trends’ report, more than 110 million people around the world flee from their homes due to conflict, persecution and violation of human rights. More than 60% of that fled population live in countries that are especially vulnerable to natural disasters and climate change effects.

ALIANZA SHIRE

Alianza Shire was selected by UNHCR as a good practice in the first Global Refugee Forum that took place at Geneva in December 2019. It is the most important international meeting, where, every four years, governments, private sector, academia, civil society and other many actors bring together to share positive experiences and search for both solutions and specific commitments to favour refugee population and their host communities. Four years later, when the second forum is taking place, this multi-actor partnership is still contributing to improve the lives of refugee population and local population in Ethiopia, through their access to energy.

In 2024, the Spanish Agency for International Development Cooperation (AECID), Universidad Politécnica de Madrid through its Innovation and Technology for Development Centre (itdUPM), acciona.org Foundation, Signify and Iberdrola, in collaboration with the UN Refugee Agency (UNHCR), formed the first multi-actor partnership for humanitarian action in Spain to bring energy solutions to refugee population in Shire, in the Tigray region in the north of Ethiopia. Some years later they decided to continue the work in partnership, and they are bringing access to energy to refugee population and local population in Dollo Ado, in the Somali region in the south of Ethiopia.

22 December 2023: In a great step forward for improving financial resiliency in Nigeria, Bboxx, a data-driven super platform and champion of economic empowerment in Africa, has partnered with Turaco (registered in Nigeria as Turaco Inclusive Limited), Africa’s leading insurtech, to offer insurance products to Bboxx’s customers. This collaboration aims to provide Bboxx pay-as-you-go solar home system customers access to a safety net against financial shocks that can undermine the financial resiliency of rural borrowers.

Bboxx and Turaco have joined forces to provide Bboxx’s customers the opportunity to purchase insurance that protects them against hospitalization, permanent total disability, and death underwritten by Leadway Assurance Company Limited. The insurance not only provides a financial cushion to Bboxx customers in the face of unexpected events, it also protects them and their families from becoming indebted, with the outstanding loan being repaid when catastrophic events do occur.

The addition of insurance to Bboxx’s product offering is an important step towards achieving its goal of championing the economic empowerment of Africa, accelerating the transition to the digital economy. Only 3% of Nigerians have health insurance, with the number of rural individuals and informal workers being even less likely to be insured. As a result, over 40% of Nigerian households face catastrophic levels of out of pocket health expenses each year. Rural, low-income households in Nigeria often do not have access to affordable and simple insurance.

Speaking on the partnership, Ernest Akinlola, MD for Bboxx Nigeria said, “Bboxx Nigeria aims to provide clean energy to 20 million people over 10 years. However, we know that, to be true to our vision of driving inclusive and sustainable economic growth, the bundling of financial services with our core solar home system is critical. We are excited to be partnering with Turaco to provide additional value to our customers.”

Bboxx’s partnership with Turaco will provide low-cost, valuable health insurance to those often excluded from access to insurance. Targeted at underserved customers and low-income earners, the products Turaco is distributing are priced at at less than ₦2,000/month, with straightforward terms & conditions and a fully digitized claims process that allows Bboxx claimants to file via WhatsApp or phone call, paying out in less than three days via mobile money.

Toba Obaniyi, MD of Turaco Nigeria said, “We are always excited to find value-aligned partners such as Bboxx who understand the importance of expanding access to digital financial services. With Turaco’s innovative digital customer journey and easy claims process, we know we can provide Bboxx’s rural customer base a seamless user experience and valuable product.”

This partnership benefits from the facilitation and mentoring of FSD Africa and Bimalab, backed by NAICOM. BimaLab is a key partner for Turaco in Nigeria. Nigeria is leading the way in creating an innovation friendly regulatory environment, enabling initiatives like this to radically increase the number of people insured.

###

About Bboxx: Bboxx is a data-driven super platform, transforming lives and unlocking potential by connecting consumers and deploying innovative products across Africa.

Bboxx is championing the economic empowerment of Africa, accelerating the transition to the digital economy and creating new markets. We have built Bboxx Pulse®, a fully integrated operating system, and combined it with an extensive on-the-ground network to connect customers with clean energy, clean cooking, smartphones, e-mobility and selected financial products – many for the first time.

Following the successful acquisition of solar energy frontrunner PEG Africa in 2022, Bboxx is now positively impacting the lives of more than 3.6 million people in 10 operating markets, directly contributing to 11 of the 17 United Nations Sustainable Development Goals. Bboxx and its group of companies is one of the largest networks in Africa, with over 4,000 staff across Africa and offices in the UK and Asia. For more information, visit: bboxx.com.

About Turaco: Turaco is a Pan-African insurtech driving financial resilience in emerging markets with simple and affordable health and life insurance for the underserved mass market.

Founded in 2019, Turaco is present in Nigeria, Ghana, Kenya, and Uganda. Turaco partners with leading mobile network operators (MNOs), technology-enabled companies, and financial institutions to embed and distribute insurance products to their customers. With Turaco, individuals can secure insurance coverage with premiums starting as low as $1 per month. Turaco processes claims in less than three business days, ensuring customers receive their money when they need it the most. With a vision to insure 1 billion lives, Turaco has insured more than 1.5 million lives and has facilitated the payment of more than 20,000 claims to date. For more information, visit: https://www.turaco.insure/.

23 January 2024: Stichting Clean Energy and Energy Inclusion for Africa (CEI Africa) signed a results-based financing (RBF) grant for a total of up to USD 1,953,000 to green mini-grid (GMG) developer Africa GreenTec for the densification of 18 mini grids and the construction of 7 mini grids in rural Mali.

Africa GreenTec was awarded the RBF grant to support the connection of 38 rural Malian communities to mini grids, resulting in approximately 38,000 individuals gaining access to productive and renewable electricity. The company’s Malian subsidiary, AGT Électrification Rurale SARL, Bamako, will independently manage the investment.

Africa GreenTec Asset GmbH was founded in 2016 to support equitable development in Sub-Saharan Africa through sustainable energy solutions. The company’s Malian subsidiary, AGT Électrification Rurale SARL, Bamako, was founded in 2017. To date, the Malian subsidiary produces, distributes and sells renewable energy in 20 communities not connected to the central Malian power grid. In total, nearly 4,500 connected households currently receive electricity. Villagers and small businesses have already noticed the positive effects, including reduced migration to other regions of Mali and abroad.

Primarily located in Mali’s Kayes and Sikasso regions, the 38 newly electrified communities largely rely on farming and livestock rearing, with some engaging in traditional gold mining. Future programs include supporting income-generating activities with a focus on micro-businesses and women’s empowerment programs, including shea butter production.

CEI Africa has allocated EUR 21M to support project developers to finance GMGs through RBF, including the provision of technical assistance. Africa GreenTec’s project further supports CEI Africa’s goal of improving energy access for households in Mali, a country where more than 53.4 percent of the population still lacks energy access.

“Our collaboration with CEI Africa will enable AGT ER to further expand in the country and reinforce existing sites over the next two years by providing electricity to more than 8,500 households, with more than 85,000 direct beneficiaries,” said Alou KEITA, AGT ER General Manager. “This means significant increase in AGT ER’s impact in the field of rural electrification in Mali.”

“CEI Africa is pleased to support the provision of electricity access to underserved rural Malians,” said CEI Africa Board member Claudia Vroom. “GreenTec’s off-grid solutions will create economic opportunities and improve access to social services in remote areas.”

The RBF grant award is pursuant to fulfillment of certain conditions precedent agreed to between CEI Africa, and Africa GreenTec, which includes, among others, the execution of a Grant Agreement. The RBF grant funding will be disbursed upon completion of new electricity connections.

###

About AGT-ER: Inaugurated in 2017 as a subsidiary of Africa GreenTec Asset GmbH, Africa GreenTec Électrification Rurale (AGT-ER) SARL stands as a trailblazer in reshaping Mali’s renewable energy landscape. With a workforce of 80 dedicated individuals, AGT-ER is committed to providing sustainable and affordable electricity solutions to long-overlooked communities, with a primary focus on rural areas. Utilizing solar energy as a driving force, AGT-ER has successfully implemented mini grids in 24 villages, directly impacting 4,500 households and reaching an impressive 45,000 individuals. This remarkable outreach underscores the company’s dedication to bringing reliable electricity to areas that have historically lacked access. AGT-ER’s approach goes beyond mere electrification; it’s a catalyst for economic development and an enhancer of living standards. The company’s clean energy technologies not only minimize its carbon footprint but also contribute to environmental sustainability, aligning with its core values.

With each expansion, AGT-ER exemplifies a commitment to innovation, environmental responsibility, and a vision for an energy-empowered future. As the company continues to grow, its role in revolutionizing the energy landscape across the African continent becomes increasingly impactful, bringing light and progress to those who need it most.

About CEI Africa: CEI Africa was established by the German development finance institution KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) in 2021 to improve access to energy for rural and peri-urban households and enterprises in sub-Saharan Africa. CEI Africa is managed by Triple Jump B.V., Persistent, and GreenMax Capital Group. It is a one-stop shop for mini-grid developers and other off-grid energy companies, offering a variety of financing instruments. The implementation of the Foundation’s Crowdlending window, which provides debt and investment products in collaboration with European Crowdlenders, is led by Persistent. CEI Africa has allocated EUR 28M to support off-grid energy companies and mini-grid project developers through co-financing with Crowdlenders, including the provision of Technical Assistance. GreenMax manages the Results-based and impact-based financing window, offering results-based financing grants and forgivable loans. For more information, visit: https://cei-africa.com/.

13 February 2024: Regular power outages or load shedding in South Africa pose significant challenges to commerce, industry, and private households. These interruptions not only affect daily operations but also impact the economy’s productivity and the population’s satisfaction. Amidst this energy uncertainty, the solar and storage industry is experiencing an impressive upswing. More and more companies and individuals are turning to renewable energy and battery storage to protect themselves from the effects of load shedding while promoting sustainable energy solutions. The shift to these technologies represents a significant step toward a more reliable and greener energy future in South Africa. The combination of a PV system with a battery storage system or diesel generator makes it possible to be independent of the power grid in times of load shedding, while saving on energy costs.

Digital solutions can help operate these systems more efficiently and sustainably. Since various components are often combined and connected to the power grid, centralized control solutions are essential. Through dynamic tariffs combined with intelligent control, batteries can be charged cost-effectively, and diesel generators can be operated fuel-efficiently.

EcoPhi has developed an innovative solution to address the challenges of load shedding. With its intelligent energy management system, solar installations and energy storage can be used in the best possible way, providing an efficient response to power grid interruptions, and ensuring a reliable and continuous energy supply. A unique feature of EcoPhi systems is their modularity and flexible applicability. This means that the systems can already be used economically in small domestic installations – but also in large and complex installations such as mini-grids or C&I projects. EcoPhi monitoring solutions offer a diverse range of applications that can be used in various combinations and scenarios.

EcoPhi Products – Modular and versatile

Specifically for the South African energy market, EcoPhi has developed a range of important products. EcoPhi has set itself the goal of making the monitoring and control of solar systems, batteries and diesel generators manufacturer independent. This not only enables more efficient energy production but also contributes to reducing operating costs and improving supply security.

Detailed monitoring of various system components enables precise analysis and improves overall performance. The system can provide real-time data to detect issues early and optimize maintenance intervals. In times of load shedding, the intelligent control system can ensure that solar systems and batteries are used efficiently. Different electricity tariffs make it possible to charge batteries at cost-effective times to secure the energy supply and maximize self-consumption. The EcoPhi control system also enables optimized use of diesel generators. Through intelligent coordination with the photovoltaic system and battery storage, diesel consumption can be reduced, which is not only cost-efficient but also reduces the environmental impact.

The EcoPhi solution stands out in particular due to its flexibility, allowing a large number of components from different manufacturers to be combined. In addition to the “classic” solar monitoring and control options, this also opens up a wide range of other application areas such as monitoring solar cold rooms or water systems.

South Africa as a strategic hub for Africa

The flexibility of the EcoPhi solution is evident in current projects the company is undertaking in South Africa. EcoPhi monitors pure PV installations as well as battery- and generator-coupled systems and also a water system. The successful commissioning of EcoPhi’s initial projects in South Africa demonstrates the practical effectiveness of these innovative approaches. The company now plans to expand its activities further with the RES programme and extend its existing partner network to promote sustainable energy systems worldwide.

“South Africa is a very significant and strategically important market for EcoPhi. With our energy management systems, we have a perfect solution for the requirements of the South African energy market,” says Sebastian Zenz, CTO of EcoPhi. “In the medium to long term, South Africa is intended to establish itself as the center of our activities on the African continent.”

In the long term, the creation of a subsidiary in South Africa should enable the company to establish itself more firmly in the market and offer localized services. This is expected to contribute to regional presence and customer loyalty. South Africa is an ideal foundation for opening up further African markets in sub-Saharan Africa. Thanks to its experience and established local partnerships, the company can introduce its solutions in neighboring countries and address the specific needs of these regions.

###

About German Energy Agency (dena): The German Energy Agency (dena) is a centre of excellence for the applied energy transition and climate protection. dena studies the challenges of building a climate-neutral society and supports the German government in achieving its energy and climate policy objectives. Since its foundation in 2000, dena has worked to develop and implement solutions and bring together national and international partners from politics, industry, the scientific community and all parts of society. dena is a project enterprise and a public company owned by the German federal government. dena’s shareholder is the Federal Republic of Germany. For more information, visit: www.dena.de.

About German Energy Solutions Initiative: With the aim of positioning German technologies and know-how worldwide, the German Energy Solutions Initiative of the Federal Ministry of Economics and Climate Action (BMWK) supports suppliers of climate-friendly energy solutions in opening up foreign markets. The focus lies on renewable energies, energy efficiency, smart grids and storage, as well as technologies such as power-to-gas and fuel cells. Aimed in particular at small and medium-sized enterprises, the German Energy Solutions Initiative supports participants through measures to prepare market entry as well as to prospect, develop and secure new markets. For more information, visit: www.german-energy-solutions.de.

About Renewable Energy Solutions Programme (RES Programme): With the RES programme, the German Energy Solutions Initiative of the Federal Ministry of Economics and Climate Action (BMWK) helps German companies in the renewable energy and energy efficiency sectors enter new markets. Within the framework of the programme, reference plants are installed and marketed with the support of the German Energy Agency (dena). Information and training activities help ensure a sustainable market entry and demonstrate the quality of climate-friendly technologies made in Germany. For more information, visit: www.german-energy-solutions.de.

14 February 2024: The World Bank has extended a facility of close to $300 million to the Eastern and Southern African Trade and Development Bank (TDB), to support distributed renewable energy (DRE) and clean cooking private sector projects in eligible countries of the World Bank’s International Development Association (IDA) that are TDB member states.

This new facility follows TDB’s successful financing of innovative off-grid solar projects in the region it serves which were financed under a groundbreaking $415 million World Bank Regional Infrastructure Financing Facility (RIFF) facility that was extended to TDB in 2020.

It is part of a first wave of phases of IDA’s $5 billion Accelerating Sustainable and Clean Energy Access Transformation (ASCENT) program, which is expected to provide access to electricity to up to 100 million people in Africa over the next seven years and contribute to achieving SDG 7. Other phases under this stage of the program also include the ASCENT COMESA Regional Acceleration Platform to be implemented by the COMESA Secretariat, and programs in four initial countries, which were selected as ASCENT champions representing different energy access stages and contexts found in the region.

The facility is financed through International Development Association (IDA) financing and a grant from the Energy Sector Management Assistance Programme (ESMAP). Under the facility extended to TDB, the ASCENT Regional Energy Access Financing Platform (REAF) will be established and implemented. The ASCENT REAF is estimated to have the potential to facilitate access to electricity for up to 5 million people, access to clean cooking for up to 1 million people and add up to 35MW in terms energy capacity to the region.

Through direct lending to private sector, co-financing or on-lending via financial intermediaries, loans under this facility will be provided to DRE and clean cooking companies, with smaller loans to SMEs to be extended through TDB Group’s Trade and Development Fund (TDF).

Furthermore, performance-based catalytic grants will be made available to support companies entering new markets in order to pilot promising innovations and help the private sector grow. This is in addition to technical assistance, capacity building and the development and piloting of financial innovations for TDB, TDF and clients, to enhance the sustainability of their interventions in the DRE and clean cooking space. This support will particularly focus on pipeline development, implementation tools and technologies, E&S aspects, climate resilience, gender, and innovative financing instruments.

Progress on many human development indicators and improvements in electrification rates in Africa have been stifled by recent global crises and macroeconomic woes. Electricity is fundamental to the region’s efforts to reduce extreme poverty and to its sustainable growth. It provides the lighting needed for children to study and become agents of change, promotes inclusion, and yields the power needed to enable the private sector – MSMEs and big corporates alike – to generate jobs and economic output, and drive innovation and industrial development. Access to clean energy, including for cooking, is paramount to reducing indoor air pollution and improving productivity and health outcomes, especially for women.

Admassu Tadesse, TDB Group President and Managing Director said: “With African energy demand projected to grow rapidly alongside growth in population and incomes, there is an acute need to boost the intermediation of financing, including of concessional finance which can be leveraged to crowd-in more private capital, and make a substantial difference towards greater access to sustainable and clean energy in Africa. Together with several other strategic engagements with World Bank Group institutions, TDB Group is delighted to further elevate its partnership with the World Bank’s IDA through ASCENT which stands to bolster the efforts the Group has been deploying towards a just energy transition, including by adding low-carbon energy capacity in its markets, thereby enhancing their energy security and sustainable growth, while reducing GHG emissions.”

Boutheina Guermazi, World Bank Director for Regional Integration in Africa and the Middle East said: “Access to sustainable, reliable, and affordable energy is at the crux of Africa’s development and poverty reduction efforts. The World Bank is pleased to build on our strong partnership with TDB Group, and we look forward to leveraging our combined efforts to unlock even more sources of financing for a host of private sector actors through the new ASCENT Regional Energy Access Financing Platform (REAF).”

###

About TDB: Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is an investment-grade African regional development finance group, with the mandate to finance and foster trade, regional economic integration and sustainable development. With an asset base of USD 10 bn, TDB Group has 25 African member states, which alongside non-regional member countries and institutional investors from Africa, Europe and Asia, form TDB’s community of shareholders.

TDB Group counts several subsidiaries and strategic business units including the Trade and Development Bank (TDB), TDB Group Asset Management, the Trade and Development Fund (TDF), TDB Captive Insurance Company (TCI), the ESATAL fund management company and TDB Academy. For more information, visit: www.tdbgroup.org.

About the World Bank Group: The World Bank Group has a bold vision: to create a world free of poverty on a livable planet. In more than 100 countries, the World Bank Group provides financing, advice, and innovative solutions that improve lives by creating jobs, strengthening economic growth, and confronting the most urgent global development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries. It consists of the World Bank, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). For more information, visit: www.worldbank.org.

19 February 2024: Capton Energy and Enerwhere have entered into a landmark agreement, catalysing the private commercial and industrial (C&I) solar power market. Commencing with an initial 25MWp including the immediate deployment of 9 MW in off-grid solar projects, in addition to a battery storage facility, the joint venture is poised to execute a much larger pipeline of captive power projects supporting C&I offtakers across the Middle East and Africa through to 2026.

This strategic partnership represents a transformative shift for the energy transition landscape, blending Capton Energy’s investment skills and creative application of project finance techniques, with Enerwhere’s deep experience in innovative renewable and hybrid energy solutions. The collaboration is poised to meet the surging demand for reliable and sustainable energy solutions within the commercial and industrial and off-grid sectors, heralding a new era for decarbonising and digitising the private power market.

Umer Ahmad, the Chief Executive and Chief Investment Officer of Capton Energy stated: “We are delighted to launch our partnership with Enerwhere, which marks a significant milestone for Capton Energy as we introduce a novel transaction structure designed to accelerate the deployment of clean energy infrastructure for off-grid environments. This initiative underscores our commitment to driving the energy transition forward by leveraging financial and commercial innovation to establish new industry paradigms. Through our partnership, we aim to offset carbon emissions, while localising power production and fostering job creation.”

Alice Cowman, the Chief Executive Officer of Enerwhere further stated: “This major investment from a partner like Capton is a significant validation of Enerwhere’s approach and business model. It launches us into our next stage of growth and development and, as CEO, I am thrilled to mark the start of my tenure with it. This allows us to have renewed focus on our core business of providing the most innovative solutions for our clients and partners and I look forward to re-engaging with them in 2024.”

The joint venture underscores Capton Energy and Enerwhere’s shared commitment to fostering innovation and sustainability in the energy sector. With a focus on delivering a robust pipeline of solar power and battery storage projects, this partnership is well-positioned to provide reliable, efficient, and sustainable energy solutions to the private corporate and industrial markets, paving the way for a greener future.

###

About Capton Energy: Capton Energy is a joint venture between Siemens Financial Services and Desert Technologies (the “Sponsors”). Capton Energy was established under a shared vision to support the energy transition by mobilising capital towards identified funding gaps in critical market segments, particularly in emerging markets. Backed by the Sponsors’ committed capital and imminently launching a fund, Capton Energy has a primary focus on energy transition infrastructure including renewable energy generation, energy storage, EV infrastructure and energy efficiency. With a core interest in selected countries in Africa, Asia and the Middle East, we are seeking to deliver positive impact to local communities and industries by providing clean energy solutions that decarbonise electricity, reduce energy consumption, increase electrification, and provide energy access.

About Enerwhere: Enerwhere is a global leader in renewable energy solutions for off-grid power markets and is deeply committed to the energy transition. The company provides power to commercial & industrial customers without a stable grid connection, using its proprietary suite of solar-hybrid mini-grid. Enerwhere designs, builds, & operates, the world’s most advanced microgrids, committed to integrating renewable technologies in innovative ways.

The future of energy is distributed and digital and Enerwhere invests heavily in its own data and software application – Enlite – which uses high-resolution data analytics to assess each client’s energy requirements on a very high resolution and uses this information to tailor a complete energy solution which evolves over time depending on client need.

Enerwhere’s sustainable power solutions help clients across the construction, real estate, hospitality, mining, oil and gas & waste management industries to reduce fuel costs & carbon emissions while increasing reliability of their operations. Since its inception in 2012 Enerwhere has reduced the carbon emissions of its clients by over 40,000 tons of CO2.