• The Energy Access Relief Fund — managed by SIMA — is an unprecedented partnership of 16 governments, foundations and investors and aims to provide essential financial support to energy access companies in sub-Saharan Africa and Asia.

1 September 2021: Today, a first-of-its-kind relief fund launched with a first close of $68 million and a target of over $80 million to protect energy access for at least 20 million people in sub-Saharan Africa and Asia.

The Energy Access Relief Fund (EARF) is the culmination of an unprecedented partnership convened by Acumen, including CDC Group, U.S. International Development Finance Corporation (DFC), FMO, Green Climate Fund (GCF), Shell Foundation, IKEA Foundation, The Rockefeller Foundation, World Bank, International Finance Corporation (IFC), Swedish International Development Cooperation Agency (SIDA), Swiss Agency for Development and Cooperation (SDC), the UK Foreign, Commonwealth and Development Office (FCDO), USAID, and Power Africa. The EARF, managed by Social Investment Managers and Advisors (SIMA), will provide relief capital in the form of short-term loans to an estimated 90 energy access companies in sub-Saharan Africa and Asia still struggling with disruptions wrought by COVID-19.

“Access to clean, reliable, and affordable energy is essential in lifting communities out of poverty. We could see that the pandemic was adversely impacting those who were most vulnerable, and that we needed to take action. We couldn’t do it alone — it would take all of us,” said Jacqueline Novogratz, Acumen’s Founder and CEO. “The launch of the EARF illustrates the power of partnership and moral imagination in a time of crisis.”

Broken supply chains, increased costs of solar components, and continued COVID lockdowns have crippled the energy access industry, which provides renewable energy solutions such as solar lanterns, household solar, mini-grids, and modern energy cooking equipment to customers in low-income and last-mile communities. A coalition of committed global investors and donors created the Fund to protect the industry’s progress toward United Nations Sustainable Development Goal 7: universal energy access. 

“Together, CDC, DFC, and FMO are mobilizing our capital to ensure the survival of small and medium social enterprises extending energy access to the 800 million people living without power. The EARF’s flexible and innovative financial structure blends different types of capital to offer low-interest loans and liquidity while the health and economic consequences of the pandemic continue,” said Geoff Manley, Head of the Energy Access and Efficiency team at CDC Group.

SIMA’s analysis of energy access companies eligible for relief funding across 50 countries shows that 77% of potential borrowers require emergency financial assistance to stay afloat. Without it, many companies may be forced to take drastic measures such as pausing operations, laying off staff, or permanently closing their doors, which would disrupt energy access for customers at a particularly difficult time. 

“We have innovated to create a robust underwriting approach that allows us to rapidly provide relief loans to companies that most need our support during the crisis. We have also implemented into our investment approach a comprehensive ESG process, including developing a gender action plan and supporting the companies to deal with COVID-19 challenges,” said Asad Mahmood, the CEO of SIMA, the EARF Fund Manager. 

The EARF is an extraordinary example of stakeholders uniting in crisis, even as budgets were constrained and investments were at risk. “We have proudly worked alongside IKEA Foundation, The Rockefeller Foundation, IFC, U.K. Aid, USAID, and the World Bank to leverage our collective grant capital to de-risk and catalyze senior investors in the Relief Fund. Small-scale renewable energy enterprises and innovators are scrambling to serve some of the world’s poorest communities. We hope similar collaborations follow this sector landmark — much more capital will be needed in the coming months to continue progress toward universal energy access,” said Sam Parker, Director at Shell Foundation.

The Energy Access Relief Fund (EARF) aims to safeguard gains made in the once-booming energy access sector. In the last decade, the industry has grown six-fold, providing 470 million people with energy access, employing more than 370,000 in green jobs and avoiding 74 million tonnes of greenhouse gas emissions. 

“The EARF is a critical tool to help us build back better and tackle climate change. It will ensure that social enterprises can continue to provide renewable energy solutions and advance climate mitigation and resilience across sub-Saharan Africa and Asia,” said Yannick Glemarec, Executive Director at the Green Climate Fund. “GCF is proud to be part of this innovative partnership, and delighted that it is moving ahead to launch.”

Through creativity, financial innovation, and fiscal discipline, the EARF intends to protect social enterprises that combat energy poverty and are leading the renewable energy transition across sub-Saharan Africa and Asia. 

###

About the Energy Access Relief Fund: The Energy Access Relief Fund (EARF) is a first-of-its-kind collaboration among major donors and investors in the energy access sector to address the liquidity crunch that energy access enterprises face because of the fallout from the COVID-19 pandemic. With a target of $80 million, the EARF aims to provide subordinated, low-interest debt to more than 90 energy access companies in need in sub-Saharan Africa and Asia. It is a global partnership of 16 governments, foundations, and investors, including Acumen, CDC Group, FMO, Green Climate Fund (GCF), IKEA Foundation, International Finance Corporation (IFC), Power Africa, Shell Foundation, Swedish International Development Cooperation Agency (SIDA), Social Investment Managers and Advisors (SIMA), Swiss Agency for Development and Cooperation (SDC), The Rockefeller Foundation, USAID, U.S. Development Finance Corporation (DFC), U.K. Aid, and World Bank Group. The EARF is also part of the 2021 Roadmap of the World Economic Forum’s COVID Alliance for Social Entrepreneurship that mobilizes support for social entrepreneurs who are making a difference on the frontline of the COVID-19 crisis.

About Acumen: Acumen is changing the way the world tackles poverty. We invest patient capital in inclusive, early-stage social enterprises that serve people in poverty and enable them to transform their lives. We share our ethos, principles, and practices to train the next generation of leaders through Acumen Academy. We scale the most effective solutions to systemic poverty through for-profit, returnable impact funds, managed by Acumen Capital Partners, totaling more than $150 million. Founded in 2001 by Jacqueline Novogratz, Acumen has invested more than $137 million in 139 companies across Africa, Latin America, South Asia, and the United States. For more information, visit: www.acumen.org.

30 August 2021: The Uganda National Renewable Energy and Energy Efficiency Alliance (UNREEEA) and the Alliance for Rural Electrification (ARE) have signed a Memorandum of Understanding (MoU) to work together to foster the renewable energy sector in Uganda and East Africa. The MoU sets out the shared goals of the two organisations and areas of collaboration through the identification and development of programmes and projects.

In view of the MoU, the associations will collaborate on several activities, including joint advocacy for renewable energy policies in Uganda to create a conducive market environment for decentralised renewable energy (DRE) actors, accompanying and contributing to the government’s efforts to achieve renewable energy and energy access targets as well as developing joint publications, market briefs or research papers on related topics.

In this respect, the associations aim to cooperate on targeted skills development and capacity building activities for renewable energy stakeholders in Uganda to create local jobs and enhance the capacity of the sector to raise increased financing for renewable energy projects and businesses. This will be achieved by spearheading in-person or virtual “DRE Investment Academies” or similar trainings for Ugandan and international DRE project developers and other stakeholders, to provide additional fundraising and technical support.

Finally, the MoU states that the partners will support services for Ugandan renewable energy actors who work to address energy access, energy security and climate change challenges in Uganda and conduct research to improve the market for renewable energy technologies.

UNREEEA Chairman, Alexander Komakech Akena, said that: " It is a great opportunity to partner and work with ARE through this MoU. This opens a large door to learn, share, and leverage lessons from each other to develop Uganda’s renewable energy sector. Especially to leaving no one behind through universal energy access even as threats of a changing climate mounts. We are pleased with the step and look forward to great collaboration with ARE.’’

ARE CEO, David Lecoque, underlined that: “The MoU paves the way for positive cooperation between ARE and UNREEEA. This is an excellent opportunity to share knowledge, learn from each other and work together to increase access to renewable energy and energy security as well as to curb the effects of climate change in Uganda and East Africa. We look forward to a strong collaboration with our friends and colleagues in Uganda.”

ARE Africa Lead, Gabriele Pammesberger, said: “We are delighted to enter into this partnership with UNREEEA to strengthen our collaboration towards the development of a thriving, inclusive and sustainable renewable energy sector in Uganda and accelerate access to clean and affordable energy that drives economic empowerment of rural communities. Based on shared values and objectives we are looking forward to closely cooperate in the areas of policy & advocacy, private sector business development support, innovation, and capacity building & skills development.”

###

About Alliance for Rural Electrification (ARE): The Alliance for Rural Electrification (ARE) is an international business association with the aim to promote a sustainable decentralised renewable energy industry for the 21st century, activating markets for affordable energy services, and creating local jobs and inclusive green economies. ARE enables improved energy access through business development support for more than 185 Members along the whole value chain for off-grid technologies.

About Uganda National Renewable Energy and Energy Efficiency Alliance (UNREEEA): The Uganda National Renewable Energy and Energy Efficiency Alliance (UNREEEA) is a coalition of industry associations within the renewable energy and energy efficiency space in Uganda. It was incorporated in 2015 to consolidate the voices of the many clean energy associations for the adoption of renewable energies.

UNREEEA aims at the enhancement of skills development and management, synergy and continuous improvement in policy and business environment through effective and constructive engagement with stakeholders. Thus, promoting sustainable economic development and the use of renewable energy solutions.

• Funding will enable SPS to offer cleaner, cheaper solar energy to more businesses across sub-Saharan Africa.

23 August 2021: Gridworks, the UK’s developer and investor in African electricity networks, and New GX, the South African investment firm, have today announced US$40 million of new investment in the Gridworks portfolio company, Sustainable Power Solutions Investments (“SPS”).

SPS works with commercial and industrial (C&I) clients across sub-Saharan Africa to fund, develop, build and operate solar power technologies, including battery storage, that provide consistent, affordable clean energy. SPS has over 45MW of solar and more than 15MWh of battery storage (in operation and under construction) in South Africa, Namibia, Kenya and Indian Ocean islands, spread across hospitality, telecoms, retail and other sectors.

The investment announced today also sees Gridworks (established by CDC, the UK’s DFI) become a majority shareholder in the company, while New GX, which is owned by the Pitje family trust, and represented by Khudusela Pitje, will replace current minority shareholders, Trigen Group and Genfin. Christo Wiese’s Titan Group will remain an investor in the business. The long-term funding provided by Gridworks and New GX will enable the company to deepen its presence in existing markets and expand across Sub-Saharan Africa. The company is targeting building an additional 100MW of projects. As part of New GX’s investment Khudusela Pitje and Carin van Woudenberg will join the SPS board.

Lack of reliable grid power has led to more than half of businesses in sub-Saharan Africa using diesel generation to ensure certainty of supply. With more than three quarters of total energy demand in Africa coming from commercial and industrial customers, the need is clear. Solar PV and battery storage solutions are increasingly providing a viable and cheaper alternative for many businesses that see the value in being able to benefit from greener, more consistent power. SPS is a leader in the sector and well-positioned to accelerate the use of solar energy with Gridworks’ and New GX’s support and capital.

The US$40m of new capital for SPS reflects Gridworks and New GX’s relative shareholdings in the company, with Gridworks committing $US22m and New GX US$18m. In addition, Gridworks is investing $9m to become a majority shareholder.  This brings Gridworks total commitment to SPS in this transaction to US$31m. The introduction of New GX will also bring the local empowerment ownership in the company above 42%.

Gridworks first invested in SPS (then known as Mettle Solar Investments) in late 2019. Since then, the company has built over 22MW of grid-tied projects in Southern Africa and Kenya and 4.2MW / 8.7MWh of islanded projects in the Seychelles, including some of the largest off-grid systems using Tesla’s Powerpack technology in Africa for its customers. Gridworks also appointed the experienced Kenyan businessman and former CEO of Kenya Airways, Mbuvi Ngunze as Chairman of SPS. In the last financial year, SPS’s operating plants reduced carbon emissions by more than 11.7 million kilogrammes.   

Announcing the new investment, Gridworks CEO Simon Hodson said:

“We’re delighted to become the majority shareholder in SPS and support the company in the next stage of its development. Since first investing in 2019, we’ve helped the company become one of only a small set of African developers operating sustainably to finance, build, and operate grid-tied and battery-backed, off-grid systems. We’re excited that New GX Capital have decided to invest in the business alongside us. They have a wealth of experience in long-term infrastructure investing and will be a strong partner who share our ambitions for SPS. Their investment and expertise will be invaluable as SPS expands into new markets across Africa.”

“Gridworks exists to increase the quantity and quality of power in Africa and our mandate covers transmission and distribution infrastructure, as well as off-grid solutions like SPS.  SPS, and the C&I sector as a whole, can provide green, reliable power to businesses that will go on to create jobs and economic opportunity.”

Khudusela Pitje, CEO of New GX Capital added:

“We are delighted to partner with SPS and Gridworks to unlock our renewable energy vision in the commercial & industrial sector across the continent. We will bring our in-depth knowledge as an infrastructure investor and increase SPS’s footprint in the telecoms and industrial sectors. We are driven by a sustainable tomorrow which we believe will also drive industrialisation within the continent.

“In South Africa, regulatory certainty is key to attracting capital.  We believe President Ramaphosa’s announcement for lifting the license requirements around100MW embedded energy opportunities will drive job creation (especially amongst the youth); private sector investment in the Telecoms sector; and indirectly assist utilities to generate additional capacity without government backed guarantees”

Francois Van Themaat, CEO of SPS said:

“We are thankful to Gridworks and CDC Group for their continued strong support of our business. Their initial investment was made just as the world went into lockdown due to the COVID pandemic and their support allowed us to grow our business rapidly during a very challenging period.

“During the last quarter we have consolidated our funding and engineering businesses under the single ‘Sustainable Power Solutions’ brand which, combined with the new capital injected by shareholders, will allow us to expand our fully integrated solar PV and battery storage offering across Sub Saharan Africa. 

“We look forward to working closely with Khudusela Pitje and the New GX team to move the business to the next level. They have bought into our overall vision for the company, and we are eager to learn from their experiences in building infrastructure businesses.”

###

About Gridworks: Gridworks develops and invests in Africa’s electricity networks. Wholly owned and capitalised by CDC, the UK’s development finance institution, Gridworks aims to invest over US$300m of long-term capital in commercially sustainable infrastructure businesses, bringing affordable, reliable power to Africa’s people and its businesses.

Gridworks targets equity investments in transmission, distribution and distributed renewable energy, and is a partner to governments, utilities, and companies in the power sector. Despite recent investment and improvements in electricity generation, the lack of progress in developing transmission and distribution infrastructure is a significant bottleneck to economic development across Africa. Gridworks was launched in 2019 to play its part in tackling this challenge.

Alongside its investment in SPS, Gridworks recently created Moyi Power. Moyi will develop, build and operate hybrid-solar power generation and distribution infrastructure in the DRC.

About New GX: New GX Capital is a 100% black owned and managed investment holding company (indigenous investors owned), founded in 2005 by former JPMorgan banker Khudusela Pitje, son of HM Pitje. New GX is a diversified business focused on utilities infrastructure, 4PL and supply chain technology solutions. New GX, co-founding partner of DFA in 2007, has led the transformation of the telecoms sector benefitting RSA manufacturing and SMMEs. It is now seeking to make an impact on the energy sector in Africa.

New GX is also a proud supporter of the HM Pitje Foundation which drives its CSI vision of transforming township schools and empowering/educating scholars for the future.

About SPS: SPS Investments previously operated under the ‘Mettle Solar’ brand. We provide innovative funding to give businesses across Sub-Saharan Africa access to high quality solar and battery solutions. In 2015, we acquired a 50% interest in Sustainable Power Solutions (SPS), one of Southern Africa’s leading solar engineering firms.

This acquisition allowed us to provide seamless funding and engineering solutions to our clients, all within one group. Since 2021, Mettle Solar and Sustainable Power Solutions started to conduct their respective businesses under the single ‘Sustainable Power Solutions (SPS)’ brand.

14 August 2021: The African Development Bank has reached financial close on financing agreements for a $20 million concessional investment from the Sustainable Energy Fund for Africa (SEFA) for the Covid-19 Off-Grid Recovery Platform (CRP). The 5-year, $50 million blended finance initiative is designed to provide relief and recovery capital to energy access businesses, supporting them through and beyond the pandemic.

The concessional loan agreements were signed with fund managers Lion’s Head Global Partners, Triple Jump, and Social Investment Managers and Advisors, following approval by the Board of Directors of the African Development Bank in December 2020 for a $20 million concessional investment from the Sustainable Energy Fund for Africa (SEFA), to establish the platform.

“Lion’s Head is immensely grateful for the support from the AfDB, in particular the SEFA team and funders, for developing this innovative and catalytic co-investment instrument. African markets have been disproportionately affected by COVID-19 due to lack of infrastructure, macro vulnerabilities especially in terms of currency and credit shocks and increasing global protectionism,” said Harry Guinness, Managing Director of the Off-Grid Energy Access Fund, part of the wider Facility for Energy Inclusion.

“The COVID-19 Off-Grid Recovery Platform comes at a critical moment for early-stage energy access companies affected by COVID-19 and allows the Energy Entrepreneurs Growth Fund to continue releasing flexible capital into the sector at a time when risk capital is increasingly scarce”, said Jan-Henrik Kuhlmann, Head of Sustainable Energy at Triple Jump.

The Platform supports businesses commercializing solar home systems, green mini-grids, clean cooking, and other renewable energy access solutions in mitigating the impacts of the pandemic and ensuring a robust commercial recovery of the industry.

Asad Mahmood, CEO and Managing Partner of Social Investment Managers and Advisors, said: “Many small businesses have suffered seriously during the COVID-19 crisis. The African Development Bank’s relief efforts are market-driven and flexible and will help to leverage existing funds to ultimately assist energy distribution business in Africa.”

“The impact of the COVID-19 pandemic is jeopardizing the immense progress that has been achieved over the last decade in electrification through off-grid technologies across Africa. We are pleased that this initiative will increase resilience of the sector and look forward to working closely with our partners to safeguard energy access services and enable continued business expansion through and beyond the crisis,” said Joao Duarte Cunha, Division Manager for Renewable Energy at the African Development Bank.

Through this Platform and other renewable energy initiatives, the African Development Bank is committed to building a sustainable and more climate-resilient future by catalysing private investment in low carbon infrastructure as a means to create green jobs, diversify national energy sectors, accelerate green growth, and increase the climate resilience of rural communities.

###

About SEFA: SEFA is an African Development Bank-managed special fund providing catalytic finance for renewable energy. SEFA’s overarching goal is to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa, in line with the Bank’s New Deal on Energy for Africa and Sustainable Development Goal 7. SEFA was established in 2011 in partnership with the Government of Denmark and has since received contributions from the Governments of United States, United Kingdom, Italy, Norway, Spain, and Sweden, Nordic Development Fund and Germany. SEFA is housed in the Renewable Energy and Energy Efficiency Department (PERN) under the Power, Energy, Climate, and Green Growth (PEVP) complex.

28 July 2021: Bboxx, a next generation utility, is partnering via a first-of-a-kind joint venture with Geocoton Advens Group as part of Bboxx’s market entry into Burkina Faso. This is the first step in a long-term strategic partnership that will see the two companies in the future expand clean energy into other countries.

The Burkina Faso government has ambitious plans to ramp up energy access, with electrification rates currently at 18%, falling to 5% for the rural population¹. Through this partnership, Bboxx and Geocoton Advens Group aim to positively impact the lives of 2 million people in Burkina Faso through access to clean, reliable and affordable energy. They will employ more than 500 people locally, spurring economic development and local opportunities.  

Bboxx will be implementing its tried and tested model, having brought tech-enabled off-grid energy to countries including Rwanda, Kenya, Togo and the Democratic Republic of Congo. Its comprehensive management platform Bboxx Pulse® enables it to scale energy access to places previously considered too difficult or expensive to reach via traditional grid infrastructure.  

The Geocoton Advens Group has been established in Burkina Faso, as in other countries of West and Central Africa, for more than 70 years. It has enabled the development of cotton cultivation by small village farmers, its industrial transformation and its export. It is also very active in the valuation of cotton by-products. It draws on its local expertise and its network of more than 350,000 cotton producers, who have substantial energy needs. 

Together they’re targeting energy provision in this established cotton farming market, the wider value chain and distribution networks within these communities, and the broader Burkina Faso population. This comes as instability and insecurity in East and Northeast Burkina Faso is having a big impact on people’s livelihoods². Bboxx will still be able to provide vital energy access in these areas due to Geocoton Advens Group’s operations in this area, enabling people to generate an income. Despite the pandemic, demand for energy – an essential need – has been strong.  

As well as its Pay-As-You-Go (PAYG) Solar Home Systems (SHS), Bboxx will look to introduce additional services in the future like PAYG LPG clean cooking services and solar-powered water pumps for farmers. SHS are more affordable than alternative polluting options. Customers only pay for what they use, which is important for a country where 43% of the population live on less than $1.90 a day³.  

Mansoor Hamayun, CEO and Co-Founder of Bboxx, commented: “While energy access rates in Burkina Faso are very low, the potential to positively impact people’s lives for the better through clean energy is immense. Forging strategic partnerships is core to how we bring together the financing and momentum required to provide millions of people with much-needed clean energy. This market entry is the first of many, and we’ve got an exciting pipeline of activity ahead of us on our mission to transform lives through access to energy. 

“As we gear up to COP26, we cannot let our foot off the gas if we are to make meaningful progress on meeting UN Sustainable Development Goal 7 – clean energy for all. Now is the time for even more collaboration, innovation and action. Across the globe, the ‘build back better’ agenda has taken centre stage – but to truly accelerate greener and fairer economic development, we need to bring people out of energy poverty.”  

Karim Ait Talb, COO of Geocoton Advens Group said: “The Geocoton Advens Group is delighted to diversify with its partner Bboxx in the provision of solar energy. This aligns with our desire to improve the living conditions of village cotton producers. Providing renewable energy to the rural population is a major challenge, so it is important we take advantage of the technological progress by Bboxx. Bboxx’s innovative technology and proven approach to expanding access to clean energy is something we’re excited to be a part of – and we have been impressed with their progress to date across Africa.  

“Together we will help to tackle the challenges faced by many in Burkina Faso. We will help to provide millions of people with energy needed to create greater economic opportunities for farmers and the population of Burkina Faso. We are also looking forward to expanding our partnership with Bboxx into other countries.”  

Sources: 

1 Burkina Faso electrification rates, World Bank;

2 Sahel Crisis: Humanitarian Needs and Requirements Overview (April 2021), Relief Web;

3 Burkina Faso Poverty & Equity Brief, World Bank.

###

About Bboxx: Bboxx is a next generation utility, transforming lives and unlocking potential through access to energy. Bboxx manufactures, distributes and finances decentralised solar powered systems in developing countries. It is scaling through forging strategic partnerships and its innovative technology Bboxx Pulse®, a comprehensive management platform using IoT technology. Through affordable, reliable, and clean utility provision, Bboxx is bringing people into the digital economy, creating new markets, and enabling economic development in off-grid communities and those living without a reliable grid connection. The company is positively impacting the lives of nearly 2 million people with its products and services in over 27 markets, directly contributing to 11 of the 17 United Nations Sustainable Development Goals.

So far, Bboxx has deployed more than 500,000 solar home systems. Bboxx has over 1000 staff across nine offices including in the Democratic Republic of Congo, Kenya, Rwanda, and Togo, with its head office in the UK and its manufacturing operations in China. In 2019, Bboxx was the winner of the Zayed Sustainability Prize in the Energy category – testament to the way the company is making a meaningful difference to people’s lives around the world. For more information, visit: https://www.bboxx.com/.

About Geocoton Advens Group: As a fully-integrated operator, the ADVENS Group operates “from the soil to the consumer”. Through GEOCOTON, (former DAGRIS and CFDT) and its subsidiaries, the Group operates across the entire cotton industry from production to marketing, going through processing, logistics and transportation; it has a fully-independent structure across the whole chain. Nowadays, GEOCOTON is operating in more than 15 countries, mainly in Central and West Africa.

22 July 2021: ARE Member PowerGen, the leading developer in Africa of on-grid and off-grid distributed energy, has secured long term project financing to connect 55,000 people to electricity in rural Nigeria from ARE Member CrossBoundary Energy Access with construction financing provided by Oikocredit, Triodos Investment Management (Triodos IM) and ARE Member EDFI ElectriFI (the EU-funded Electrification Financing Initiative). The project is supported by grant funding from the World Bank and the Nigeria Rural Electrification Agency’s Nigeria Electrification Project (NEP), which provides a fixed grant for each customer connected. The electricity will be provided by 28 distributed renewable energy (DRE) systems, designed as solar PV and battery-powered mini-grids.

Oikocredit, Triodos IM, and EDFI ElectriFI are acting as the construction financiers for the transaction, providing $9m of financing for the construction phase of the project. Once operational, CBEA will purchase the portfolio, becoming the long-term owner of the systems and providing the construction financiers with an exit.

CBEA’s ‘take-out at completion’ transaction structure allows the construction financiers to segment their investment to the construction phase, and CBEA as an asset owner to segment its investment to the long-term operations phase. This is a first for mini-grids in Africa at this scale and shows how innovative financing structures can bring private capital into the sector.

PowerGen will build the systems and continue to act as the long-term operator of the project after the transfer to CBEA. The project will serve a base of residential, commercial and productive use customers.

PowerGen has already commissioned 6 sites, including the pilot site, Rokota, which was the first to be commissioned under the NEP Performance Based Grant (PBG) program. The financing will be used to develop and build the remaining sites in the portfolio.

Nigeria is Africa’s largest economy, but is plagued by poor energy access, particularly in rural areas, where only 25% of people have access to electricity. This has led many to turn to fossil-fueled alternatives, like diesel generators and kerosene. The result is poor air quality, greenhouse gas emissions, and noise pollution. Together, these represent an undue burden on the health of rural populations, who are already marginalized.

The long-term funding from the CBEA finance facility and the construction financing from Oikocredit, Triodos Groenfonds, Hivos-Triodos Fund (both managed by Triodos IM), and EDFI ElectriFI makes possible an alternative to harmful sources of power. The DRE systems developed as a result will provide clean, reliable electricity to 55,000 people and will mitigate over 2,000 MT CO2e annually, which is equivalent to removing 500 cars from the road per year. PowerGen’s service further empowers communities to increase local economic activity by reducing the cost of power and increasing access to productive power, which enables agricultural processing to be mechanize, the use of power equipment such as welding machines and electric cooking appliances, and enabling electric mobility. These benefits are critical as low-income individuals manage the economic downturn brought on by the COVID-19 pandemic.

The transaction is facilitated by CBEA’s project finance structure, which proves a model for bringing long-term infrastructure capital into the mini-grid sector at scale. The systems are being built into a special purpose vehicle (SPV) which will be fully acquired by CBEA once the systems have met the pre-agreed technical standards. Oikocredit, Triodos IM, and EDFI ElectriFI are able to provide construction financing because they have a contracted exit from a long-term financier. Once CBEA becomes the owner of the project, PowerGen will step into a long-term contract to operate and maintain the assets and provide customer service. 

PowerGen, Oikocredit, Triodos IM, and EDFI ElectriFI were advised in the transaction by Trinity LLP. CBEA was advised by Foley Hoag LLP.

Alastair Smith, Co-founder and Country Director of PowerGen in Nigeria: “We're very excited to continue scaling up distributed renewable energy systems in Nigeria in partnership with Oikocredit, Triodos IM, EDFI ElectriFI, and CBEA.  With their support, alongside that of Nigeria's REA, the World Bank, Power Africa’s Nigeria Power Sector Program, and the communities themselves, we are eager to continuing transforming lives through smarter power."

Humphrey Wireko, Associate Principal, CrossBoundary Energy Access: “We’re excited to work with such strong partners to reach an agreement to finance and own this portfolio of mini-grids in Nigeria. We continue to believe that mini-grids are a key tool for bringing power to over 200 million people in Africa, and this project finance structure is the best way to attract the $187 billion of investment that these assets need. This transaction is a testament to the fantastic work being done by many stakeholders to help facilitate off-grid investment in Nigeria. We see this as the first of many such financings that CBEA plans to do in Nigeria.”

James Todd, Oikocredit’s Renewable Energy Investment Officer: “We are extremely proud to partner with PowerGen, Triodos IM, EDFI ElectriFI, and CBEA at the forefront of innovative solutions to rural energy access. Renewable energy mini-grids have enormous potential to provide safe, clean and reliable energy to millions currently experiencing energy poverty, supporting productive use of electricity and in turn stimulating fundamental development in rural communities. This project, benefitting 55,000 people, forms a key tenet of our long term commitment to supporting leading mini-grid developers across Africa while achieving higher social impact in communities we serve.”

Estefanía Matesanz, Senior Investment Manager Private Equity, Triodos IM: “This equity investment in PowerGen’s Mini-Grids project can be considered a landmark investment with major strategic importance both for Triodos IM and the African Mini-Grids sector development. The success of this investment results from the combined expertise, creativity and synergies created by PowerGen together with Oikocredit, EDFI ElectriFI, Triodos IM, and CBEA. We are pleased to be able to contribute to the access to energy in emerging countries with clean and affordable technologies through this deal.”  

Quentin Antoine, Senior Investment Manager at EDFI Management Company: “EDFI ElectriFI is thrilled to join such a strong group of investors backing visionary entrepreneurs who will positively impact thousands of households and local businesses in rural Nigeria. This is an important milestone for rural electrification in Nigeria as we aim for big impact by phasing-out thousands of diesel generators and build a reliable and renewable source of electricity for 11,000 rural households and entrepreneurs. This investment is the perfect illustration of EDFI ElectriFI’ s mandate, successfully achieved thanks to a strong partnership with the Delegation of the European Union in Nigeria and innovative solutions delivered by the Nigeria Rural Electrification Agency.”

20 July 2021: A Memorandum of Understanding (MoU) has been signed between the Cameroonian Association for Renewable Energies (ACER) and the Alliance for Rural Electrification (ARE). The MoU sets out the shared goals of the two organisations to address the existing obstacles which hinder the optimal use of the various renewable energies and the potential for energy efficiency in Cameroon. Both organisations agreed upon collaborating on promoting social and economic development by increasing the share of renewable energies in the energy mix in Central Africa and particularly Cameroon.

The associations will work together on a number of activities, including joint advocacy for renewable energy policies in Cameroon to create a conducive market environment for decentralised renewable energy (DRE) actors, accompanying and contributing to the government’s efforts to achieve renewable energy targets as well as targeted business development and market intelligence support for DRE companies.

In this regard, the associations aim to develop the capacity of renewable energy stakeholders in Cameroon to create local jobs and enhance the capacity of the sector to raise increased financing for renewable energy projects and businesses. This will be achieved by spearheading in-person or virtual “DRE Investment Academies” or similar trainings for Cameroonian and international DRE developers and other stakeholders, with the aim to provide additional fundraising and technical support.

Finally, the MoU states that the partners will deliver joint offers and support services for renewable energy actors working in Cameroon, to address energy access, energy security and climate change challenges, as well as conduct applied research to foster the market for renewable energy technologies.

David Lecoque, CEO of ARE said: “Together with renewable energy associations like ACER, we look to facilitate greater understanding of the needs of and find solutions for DRE developers and stakeholders, end-users, and the public to achieve SDG-7. This cooperation is an outcome of the virtual study tours that ARE organises with Solar Power Europe and National Renewable Energy Associations, supported by the European Programme GET.invest. The new MoU with ACER sets out concrete steps forward to expand clean and affordable energy access in Cameroon.”

Gérard Ntchouabia, President of ACER said: “On behalf of ACER and myself, we are pleased to have signed this partnership with ARE, which will contribute to the development and structuring of renewable energy in Cameroon and Central Africa. ACER is in its role to serve as a bridge to all members of ARE in the development of their renewable energy projects and access to energy in Cameroon and in the Central African sub-region. We are certain and convinced that our population will benefit from this partnership including our institutions and SMEs that operate in this field.”

Gabriele Pammesberger, Africa Lead of ARE said: “We are delighted to enter into this partnership with ACER to jointly support the development of a sustainable and inclusive private sector-driven DRE sector in Cameroon and to contribute to improved access to clean, affordable energy and to the transition to a green, climate-resilient economy. Knowledge exchange, skills development and capacity building will lie at the heart of our partnership and will contribute to local market development and job creation.” 

14 July 2021: CGAP, GOGLA, and IFC/Lighting Global today launched the PAYGo Performance, Reporting and Measurement (PAYGo PERFORM) financial reporting framework for the pay-as-you-go (PAYGo) solar industry. Developed through an industry-led process involving roughly 600 stakeholders, the framework represents a significant step toward helping this promising young industry improve performance, present an accessible profile to investors, and attract the capital it needs to lift millions of people out of energy poverty.

The PAYGo PERFORM framework includes a set of 36 key performance indicators (KPIs) that stand to enable the PAYGo industry to clearly communicate financial performance, operational performance, and portfolio quality to investors.

“The PERFORM KPIs are an important and well-thought-out step to improve financial reporting and operating benchmarks, as our industry is made up of young companies with evolving business models,” said Shagun Jain, commercial director at PAYGo solar company Rural Spark and one of the stakeholders who was involved in developing the new framework.

“Now is the ideal time for the industry to introduce common reporting standards and increase transparency to attract further investment from the existing and potential new investors. We are very proud of being actively involved in the whole process and looking forward to the industry adopting them,” he said.

The PAYGo industry emerged roughly a decade ago as off-grid solar companies in Africa and Asia looked for ways to make home solar systems more accessible to households that could not afford to buy them upfront. With PAYGo, customers acquire a home solar system for a low upfront cost and pay it off over time by digitally prepaying for usage — similar to the way mobile phone users prepay for airtime. There is no collateral and no fixed payment schedule. When prepaid usage runs out, the system simply shuts off. After purchasing enough units of energy usage, customers own the system and may continue using it at no cost.

“These features make PAYGo uniquely suited to low-income households with irregular incomes and little to no savings,” said Russell Sturm, global head of energy access at IFC Lighting Global, the World Bank Group’s platform to support sustainable growth of the international off-grid solar market.

Koen Peters, executive director of the global off-grid solar energy industry association GOGLA, said that PAYGo companies have already clearly proven their potential in addressing energy poverty and financial exclusion. However, to fully use that potential, this industry segment will need to scale much further, and the PAYGo PERFORM KPIs will be critical to achieving this scale:

“By 2020, PAYGo companies had reached an estimated 27 million people who were not served by traditional utilities and financial services providers before. But to keep growing and reach millions more low-income households, the industry needs a lot of capital investment. The lack of a standardized reporting framework has made it difficult for mainstream investors to analyze companies’ performance and channel capital to them. With the PAYGo Perform KPIs, we're seeking to address exactly that, removing one more barrier towards the sector's growth,” he said.

While the PAYGo PERFORM KPIs should help investors identify sustainable businesses best set to scale the extension of clean, reliable energy to poor communities, the benefits of PAYGo extend beyond energy access and climate change.

“Low-income households in rural areas aren’t just off grid. They’re also one of the hardest populations to reach with financial services. PAYGo companies are bringing digital payments to rural communities and giving people a compelling reason to use these services. There’s an important financial inclusion aspect to PAYGo solar,” said Xavier Faz, lead of business models research at CGAP, a global partnership of organizations working to advance financial inclusion.

CGAP, GOGLA, and IFC Lighting Global encourage all PAYGo companies and investors in the space to adopt the PAYGo PERFORM KPIs. To learn more, visit www.findevgateway.org/paygo-perform-kpis.

###

About CGAP: CGAP is a global partnership of more than 30 leading development organizations that works to advance the lives of poor people, especially women, through financial inclusion. Using action-oriented research, it tests, learns and shares knowledge intended to help build inclusive and responsible financial systems that move people out of poverty, protect their economic gains and advance broader development goals. For more information, visit: https://www.cgap.org/.

About GOGLA: GOGLA is the global association for the off-grid solar energy industry. It is proud to champion one of the world’s most innovative and impactful sectors. It works to promote, safeguard, and convene the industry, advocating for enabling policies and increased investment as well as supporting our 200+ members with effective services. For more information, visit: https://www.gogla.org/the-voice-of-the-off-grid-solar-energy-industry.

About IFC Lighting Global: IFC Lighting Global is the World Bank Group’s platform to support sustainable growth of the international off-grid solar market as a means of rapidly increasing energy access to the 789 million people living without electricity. For more information, visit: https://www.lightingglobal.org/.

8 July 2021: Several sustainable and clean energy projects will receive a total funding of half a million euros through the A2E Fund. Initiatives could benefit more than 30,000 people.

Solar energy is a common element in the seven projects that EDP, through the A2E (Access to Energy) Fund, will support in five countries in Africa: Angola, Mozambique, Nigeria, Rwanda and Malawi. From refrigeration systems for fish and fruit in local markets to the electrification of schools and health centers, or the supply of technologies that make it possible to desalinate water, all projects are based on the same renewable energy source: the sun.

The proposals selected in this third edition of the fund – from a total of 115 applications – now have a global funding of half a million euros, with which EDP intends to promote access to clean energy in remote and deprived regions, and thus helping to fight energy poverty in these territories. As in previous editions, the A2E Fund invests in initiatives in five priority areas – education, health, agriculture, companies and community – and values assessment criteria such as social impact, partnerships, sustainability, potential for expansion and financial viability.

Mozambique and Nigeria are the countries with the most projects in this edition, two each. In the first case, the projects to be funded are by the Luwire Wildlife Conservancy, which involves the creation of a solar system to power basic services for the local population and the irrigation of agricultural fields, and Viva con Agua by Sankt Pauli, which intends to give access to drinking water through desalination technology. In the case of Nigeria, both proposals involve refrigeration systems: Koolboks wants to install them in eight markets for fish sellers in the Lagos area and ColdHubs plans to create them to support a community of women farmers.

OffGridBox is the project that will be funded in Rwanda and aims to provide energy and clean water to six refugee camps. ADDP Angola wants to abandon diesel generators, replacing them with a renewable energy system to supply schools. Finally, the DAAP Malawi project is directly aimed at supplying a vocational school with electricity from a solar platform.

The A2E Fund thus continues the program started in 2018 that has already contributed a total of one million euros to 13 projects that have helped improving the lives of 65 thousand people and, indirectly, of about one million. Each of the projects in this new edition received between 25 thousand and 100 thousand euros, and it is estimated that its development can have a direct positive impact on the lives of 16 thousand people and also indirectly benefit more than 15 thousand people in these territories.

With this initiative, EDP reinforces its commitment to the sustainability of the planet, renewable energies and the need to fight poverty and lack of electric energy that still affect the lives of millions of people, especially in remote and poor rural communities in developing countries. Therefore, supporting these projects is a decisive contribution to guaranteeing a more sustainable, inclusive and fair future, in line with the company's own ambition to be fully green by 2030 and to reinforce its commitment to society.

The mission of each project:

• It's called OffGridBox and it aims to provide energy and clean water to six refugee camps in Rwanda. The project involves the installation of a 'box' in each of these communities that includes solar battery kits, LED lighting, a telephone charger and a container to collect purified water. Through this system, its users will be able to perform basic day-to-day tasks and also support other productive activities. It is estimated that the project will benefit at least 12,000 people.
• Access to clean, potable water is one of the difficulties that the Viva con Agua project in Sankt Pauli hopes to overcome with a solar energy powered water desalination technology. Designed to benefit around 350 families in the Mozambican region of Catuane – and, in particular, the community's primary school – this system will allow 750 students to receive free clean water and another 750 people to purchase it at affordable prices.
• The main focus of the Luwire Wildlife Conservancy is to improve the quality of life, education, agriculture and nutrition of a community in the Niassa region of Mozambique. The project aims to create a basic solar energy infrastructure that serves the school, health center, agricultural irrigation system and also allows better lighting and facilitates electrical charging of equipment, from simple mobile phones to water purification systems or medicine and vaccines preservation. At least 380 people will be directly impacted by this initiative.
• Sellers in markets in the region of Lagos, Nigeria, lose about 30% of their fish due to the lack of adequate conditions to preserve fresh items. This is the challenge that the Koolboks project intends to overcome with the creation of a refrigeration system that helps the activity of these women: in total, 150 Koolhome solar coolers are planned to be installed in eight markets, impacting around 120 saleswomen. In addition to fish, other perishable products such as meat or vegetables can be kept safe with this system.
• One of the purposes of the ColdHubs project in Nigeria is to avoid wasting food because there are no refrigeration systems. With this system, women who sell fresh products (such as fruit or vegetables) will be able to prolong the life of these foods from two to 21 days, thus guaranteeing safer products and an improvement in the conditions and results of the business itself. The refrigeration systems to be created are powered by solar energy and directly impact the activity of 300 farmers and small traders.
• ADDP Angola's project has the mission to replace diesel generators, which are highly polluting and have very high costs, with a renewable energy system to supply two schools in communities in the provinces of Bié and Cubango. With the installation of solar systems in these rural areas, around 420 children will have access to better (and longer) teaching conditions. Training sessions on how to maintain and manage these energy systems are also planned.
• The DAAP Malawi project wants to create a solar energy system to supply a vocational training school with around 500 students. This will result in an increase in school hours (even when there is no longer natural light) and easier access to the internet, which is an additional factor of motivation for the students. In addition, the school will also provide training in the area of energy and electrification. The direct beneficiaries of this project are around one thousand, but indirectly it can impact 10,000 people in the Mikolongwe region.

All projects selected by the A2E Fund can be seen here.

6 July 2021: The Board of the Green Climate Fund (GCF) has approved $170.9 million in financing for the African Development Bank’s Leveraging Energy Access Finance Framework (LEAF) program.  LEAF aims to unlock commercial and local-currency financing for decentralized renewable energy (DRE)  projects in six program countries: Ghana, Guinea, Ethiopia, Kenya, Nigeria and Tunisia.

The Green Climate Fund’s financing is part of an overall $900 million program budget whose objective is to scale up roll-out of mini-grids, solar home systems, and commercial and industrial solar solutions in the program countries.

Tony Clamp, acting Director of GCF’s Private Sector Facility, said, “GCF is delighted to partner with the African Development Bank to support this timely and critical program for decentralised renewable energy across these six African countries. Green Climate Fund’s commitment will help unlock much-needed commercial capital and local currency financing to help overcome financing barriers exacerbated by Covid-19.”

Under LEAF, Africa’s abundant solar resources will be harnessed to provide renewable energy to 6 million people and businesses, and will also prevent 28.8 million tonnes in CO2 emissions over the lifetime of the systems.  

By deploying credit enhancement instruments and technical assistance, LEAF will strengthen capital markets and crowd-in private sector investors, including local financial institutions, thereby enhancing their financial and technical capacity to finance businesses in the fast growing DRE market segment comprising of solar home systems, green mini-grids, and solar solutions for commercial and industrial sectors. The program will also provide requisite support to strengthen the enabling environment and increase private sector investment in this market segment.

“GCF’s approval of LEAF is a significant boost for the African Development Bank’s twin ambitions of accelerating electricity access and supporting the transition to clean energy on the continent using decentralized renewable energy solutions, and moreover facilitated through local financing,”  said Dr. Kevin Kariuki, the African Development Bank’s Vice President for Power, Energy, Climate and Green Growth.

5 July 2021: RES4African Foundation and EnGreen signed an agreement to jointly boost the promotion of renewable energy solutions in Africa. The Rome-based Foundation and the service provider signed a letter of intent identifying training and capacity building, advocacy and knowledge sharing as main fields of cooperation. 

Since 2012, the no-profit Foundation RES4Africa gathers members across the green energy value chain with the mission to create enabling environments for renewable energy investments in African countries. On the other hand, EnGreen is a network of qualified professionals providing advisory, design and execution services on off-grid renewable energy systems in developing countries, including several African states. The clear synergies among their goals and missions bring the two organisations to confirm their intentions as partners. In particular, they agreed on sharing knowledge and expertise relating to renewable energy technological advancements, policies, innovative business models and best practices; carrying out studies of market, commercial, technical and economic nature related to RE technologies green hydrogen, energy transition, grid access and renewable energy integration; organising outreach and advocacy initiatives, such as events, conferences and webinars; collaborating in the organization and promotion of training and capacity building initiatives for local workforce development, such as the RES4Africa’s Micro-Grid Academy programme.

“Supporting Africa in achieving universal access to energy by 2030 means empowering local workforce and building new generations of skilled professionals, committed in creating a sustainable future.” commented Roberto Vigotti, RES4Africa’s Secretary General “At RES4Africa, we are proud to stand with Africa in this path, and doing so in collaboration with other innovative entities such as Engreen brings us closer to this goal”.

“We believe in a multi-sector action to deploy viable solutions for sustainable development” commented Carlo Tacconelli, EnGreen CEO, “and, according to this approach, long-lasting collaborations working at different level of the RE value chain are crucial to achieve tangible results on energy access.”

2 July 2021: EnDev is launching a renewables project in partnership with the IKEA Foundation on 6 July at the Vienna Energy Forum. This three-year project aims to empower the agricultural sector by working closely with smallholder farmers, agri-businesses and solar enterprises in Ethiopia, Kenya and Uganda.

The IKEA Foundation has provided an €8 milliongrant to support EnDev’s efforts to demonstrate the feasibility of productive use of renewable energy.Through the initiative, the IKEA Foundation and EnDev join forces to improve access to renewable energy solutions. In turn, this can enable smallholder farmers and people in rural communities to afford a better life and increase their resilience to climate change.

Upcoming pilot projects will include work on agricultural activities such as milk cooling and vegetable drying and the development of an energy hub.

Jeffrey Prins, Head of Renewable Energy at the IKEA Foundation, says: “Investing in access to renewable energy will not only help improve livelihood opportunities and increase incomes, but also reduce GHG emissions. A lack of access to sustainable and affordable energy prevents smallholder farmers and related local businesses from achieving increased productivity, higher income and food-secure livelihoods. This is why EnDev is needed, and we’re proud to fund this project.”

In Sub-Saharan Africa, most food crops are produced by an estimated 33 million smallholding farms, yet yields are the lowest in the world. Most of those smallholder farmers living on less than 1.90 USD per day are situated in rural areas and dependent on agriculture. At the same time, climate change impacts in Africa increase disproportionately.

“Solar energy is still underused in the agricultural sector because there are too few scalable business cases. It is great that together with the private sector and its experience, we can drive even more innovation in the agricultural sector,” says Daniel Busche, programme director at EnDev.

The project builds on the success of EnDev, which, since its inception in 2005, has provided 23.8 million people in developing countries in Africa, Asia, and Latin America with sustainable energy access and reduced 2.3 million tonnes of CO2e.

Implementation of impactful business cases will be jointly handled by the Gesellschaft fuer international Zusammenarbeit (GIZ) GmbH, SNV Netherlands Development Organisation and Netherlands Enterprise Agency (RVO).

Attend the project launch online:

The project launch takes place at the Vienna Energy Forum 2021 during a side event on 6 July, 11:00 am – 12:00 pm (CET). See https://www.viennaenergyforum.org.

###

About the IKEA Foundation: The IKEA Foundation is an independent philanthropy focused on creating brighter lives on a liveable planet through its grant giving efforts. It is funded by INGKA Foundation, owner of Ingka Group. For more information, visit: www.ikeafoundation.org.

About EnDev: EnDev improves the lives of the most vulnerable by providing access to sustainable energy in 21 countries worldwide. Currently, EnDev is funded by Germany, the Netherlands, Norway, and Switzerland and coordinated jointly by GIZ and RVO.nl. The strategic partnership is working with experienced implementers with the SNV being one of the most prominent partners. For more information, visit: www.endev.info.

1 July 2021: We are announcing a new grant awarded by KawiSafi Ventures Limited through the KawiSafi Technical Assistance Facility, to ensure energy access to the customers in Kenya and Rwanda who have been the most negatively impacted by the pandemic.  

At Bboxx, we have a strong history of positively impacting the lives of hundreds of thousands of people in East Africa with access to clean, reliable and affordable energy. We manufacture, distribute and finance decentralised solar powered systems across the region – and we have been leveraging our innovative Internet of Things technology to commercially scale access to vital utilities and power sustainable economic development. 

The grant is a uniquely customer-facing support mechanism that will go towards Bboxx customers impacted by Covid-19, specifically in Rwanda and Kenya. Bold and smart financing like this enables us to help thousands of customers who have been most affected by Covid-19. It will give customers up to three months of free energy access and after-sales service to maintain their solar home systems (SHS), taking off the financial pressure while ensuring they can still access vital energy.  

It acts as a continuation of the ‘crisis energy’ schemes Bboxx introduced last year in some of our markets, where we provided bonus days of energy for free for customers who paid upfront. While demand for energy – an essential need – has remained robust throughout the pandemic, innovations like these are important to safeguard customer segments who may have been adversely impacted.   

Since the pandemic hit last March, causing economic uncertainty for many across the globe, the off-grid energy sector has remained resilient and will play a significant role in the post-pandemic green economic recovery.  

It is encouraging to see the sector increasingly recognise the urgent need to take action on tackling energy poverty. We urge more partnerships like these to ensure we can continue to accelerate access to energy and advance UN Sustainable Development Goal (SDG) 7 – energy for all.  

Reaching SDG 7 is essential to empower people, businesses, communities and whole countries to unlock their potential. Access to energy is the trigger for economic growth as it powers sustainable development by providing opportunities not previously possible. 

To ensure we can collectively continue to make progress towards this goal and positively impact more lives, we need greater funding from the private sector as well as partnerships with governments to deliver financial support to those living in energy poverty. Only then will we be able to truly unleash the opportunities provided by clean, reliable and affordable electricity.

###

About Bboxx: Bboxx is a next generation utility, transforming lives and unlocking potential through access to energy. Bboxx manufactures, distributes and finances decentralised solar powered systems in developing countries. It is scaling through forging strategic partnerships and its innovative technology Bboxx Pulse®, a comprehensive management platform using IoT technology. Through affordable, reliable, and clean utility provision, Bboxx is bringing people into the digital economy, creating new markets, and enabling economic development in off-grid communities and those living without a reliable grid connection. The company is positively impacting the lives of more than one million people with its products and services in over 35 markets, directly contributing to 11 of the 17 United Nations Sustainable Development Goals.

So far, Bboxx has deployed more than 350,000 solar home systems. Bboxx has over 800 staff across nine offices including in the Democratic Republic of Congo, Kenya, Rwanda, and Togo, with its head office in the UK and its manufacturing operations in China. In 2019, Bboxx was the winner of the Zayed Sustainability Prize in the Energy category – testament to the way the company is making a meaningful difference to people’s lives around the world. For more information, visit: https://www.bboxx.com/.

About KawiSafi Ventures Limited: KawiSafi is an East Africa focused fund and invests in companies that provide and enable access to clean energy products and services to low-income and off-grid populations.  KawiSafi invests growth capital in proven business models that address key market gaps and aims to deliver ambitious impact objectives and market-competitive returns. 

About KawiSafi Ventures Limited: The KawiSafi Ventures Technical Assistance Facility (KSV TAF) is a 5-year program officially launched in April 2020. The KSV TAF has been seeded with US$ 5 million from the Green Climate Fund (GCF)and aims to address targeted market failures or externalities in the off-grid energy ecosystem. It is designed to provide both firm-level and sector-level support that falls outside the typical investment activities but which if implemented, would support positive impacts for communities in East Africa. Such support includes consumer protection, promoting gender inclusion and knowledge creation. 

1 July 2021: SolarAid and Statkraft have announced a strategic partnership to tackle poverty and climate change. Statkraft intends to support the charity with donations totalling £2m to be paid over three years. There are 548 million people living without electricity in sub-Saharan Africa, impacting their ability to learn, work and feel safe after dark.

Through the partnership with SolarAid, Statkraft will support progress to reach the 7th UN Sustainable Development Goal (SDG) to “ensure access to affordable, reliable, sustainable and modern energy for all”. For the first time since 2013 the number of people who do not have access to electricity in sub-Saharan Africa is predicted to increase and could reach as many as 630 million if economic recovery slows, and action is not taken.

Access to power is essential for rural health clinics across Africa. Statkraft’s partnership with SolarAid will also fund solar power access for clinics that currently operate without access to reliable electricity. Power for fridges, equipment and lighting is essential to care, and solar power ensures that healthcare staff will not have to carry out life threatening procedures in the dark. Care can be administered safely, and drugs – including vaccines for Covid-19 – can be kept at the right temperature.

Christian Rynning-Tønnesen, CEO of Statkraft, says: “548 million people live without the benefit of electricity in sub-Saharan Africa. Solar power is a simple and cost-effective solution for those who have no choice but to rely on expensive and toxic kerosene or dangerous candles. We are delighted to be working with a charity with such a critical mission. This partnership was sparked with the acquisition of Solarcentury in 2020, and we are happy to work with SolarAid to help ensure access to modern energy for all.”

John Keane, CEO of SolarAid, says: “We’re delighted that our long and successful partnership will continue now that Solarcentury has merged into Statkraft. While grid electrification is not going to reach most of rural sub-Saharan Africa in our lifetimes, the solar light revolution is taking place right now, helping light up millions of homes, which would otherwise be kept in the dark. Together we can end the darkness.”

• Newly founded Berlin-based company develops decentralized and sustainable energy systems for Africa;
• Strengthens position in areas of electrification and decarbonization on the African market.

28 June 2021: Rolls-Royce is investing in Berlin-based start-up Kowry Energy GmbH, a provider of sustainable and decentralized energy systems. Kowry supports the sustainable expansion of energy infrastructure in Sub-Saharan Africa by combining renewable energy sources such as photovoltaic and battery storage systems.

"The African market for decentralized energy supply offers great potential. The geographical conditions provide an opportunity to build a climate-friendly, local power supply for industrial and community customers that operates with minimum use of fossil fuels. As a young company, Kowry Energy can adapt to the realities of the fast-growing African energy market. Rolls-Royce as investor and industry partner provides Kowry Energy with strong positioning in the market. The start-up can rely on our support and know-how in implementing their projects," explained Power Systems CFO Louise Öfverström.

“We believe that solving the climate challenge facing our planet will only succeed with the inclusion of the 600 million people of Sub-Saharan Africa who are living without energy today. This requires innovative business-models that enable sustainable energy access with scale and speed. With a scale-based business model and Rolls-Royce Power Systems as our investor we are confident that Kowry Energy will achieve this,” explained founder Ndiarka Mbodji.

In cooperation with local independent power providers and operators, Kowry Energy will supply energy solutions using photovoltaic systems and battery storage for demand of up to 1MW. This minimizes the use of fossil fuels and makes optimal use of the climatic conditions in Africa. Kowry Energy supports its customers every step of the way - from project development & design to sourcing equipment and offers its customers fully integrated hybrid solutions. 

“We are excited to be launching this year in Mali and Nigeria and to see our business model validated by a current projects pipeline of $ 17 millions and growing rapidly, and I look forward to welcoming more investors committed to sustainable energy access in Sub-Saharan Africa,” Mbodji added.

About Rolls-Royce Holdings plc:

1. Rolls-Royce pioneers the power that matters to connect, power and protect society. We have pledged to achieve net zero greenhouse gas emissions in our operations by 2030 [excluding product testing] and joined the UN Race to Zero campaign in 2020, affirming our ambition to play a fundamental role in enabling the sectors in which we operate achieve net zero carbon by 2050;
2. Rolls-Royce Power Systems is headquartered in Friedrichshafen in southern Germany and employs around 9,000 people. The product portfolio includes mtu-brand high-speed engines and propulsion systems for ships, power generation, heavy land, rail and defence vehicles and for the oil and gas industry as well as diesel and gas systems and battery containers for mission critical, standby and continuous power, combined generation of heat and power, and microgrids;
3. Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces and navies, and more than 5,000 power and nuclear customers;
4. Annual underlying revenue was £11.76 billion in 2020 and we invested £1.25 billion on research and development. We also support a global network of 28 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.

28 June 2021: A Memorandum of Understanding (MoU) has been signed between the Solar Industry Association of Zambia (SIAZ) and the Alliance for Rural Electrification (ARE). The MoU sets out the shared goals of the two organisations to support the transition to renewable energy sources in the country’s efforts towards achievement of universal access to energy, with a particular focus on the abundant solar energy potential in Zambia.

The associations will work together on a number of activities, including joint advocacy to create a conducive and enabling environment for a sustainable decentralised solar energy market and to promote the use of renewable energy technologies in Zambia by means of knowledge and information dissemination, networking between public and private stakeholders, institutional capacity building as well as targeted business development and market intelligence support for decentralised renewable energy (DRE) companies.

In this regard, the associations aim to cooperate on targeted skills development and capacity building activities for renewable energy stakeholders in Zambia to create local jobs and enhance the capacity of the sector to raise increased financing for renewable energy projects and businesses. This will be achieved by spearheading in-person or virtual “DRE Investment Academies” or similar trainings for Zambian and international DRE project developers and other stakeholders, with the aim to provide additional fundraising and technical support.

Finally, the MoU states that the partners will support services for Zambian renewable energy actors who work to address energy access, energy security and climate change challenges in Zambia and conduct research to foster the market for renewable energy technologies.

SIAZ Chairperson, Matanda Mwewa, said: "SIAZ is excited to have this formal partnership with ARE. We are confident that this partnership will help the solar industry and its members to create an enabling environment for a sustainable decentralised solar energy market and to promote the use of renewable energy technologies in Zambia. SIAZ recognises that the industry has challenges, but in those challenges there also lie opportunities. We believe that the partnership between SIAZ and ARE will have a mutually beneficial feedback loop, which will allow both to learn from each other and develop next generation solutions that will shape the future for Zambia and Africa at large.’’

ARE CEO, David Lecoque, commented: “We are delighted to sign this MoU with SIAZ. The cooperation fits squarely within ARE’s goal to increase country-level actions and support to boost clean energy access, also in Zambia. It is an outcome of the virtual study tours that ARE organises with Solar Power Europe and National Renewable Energy Associations, supported by the European Programme GET.invest. We strongly believe that we share common values to take concrete steps forward to expand clean and affordable energy access in Zambia.”

ARE Africa Lead, Gabriele Pammesberger, added: “We are very pleased to enter into this partnership with SIAZ to jointly foster the development of a thriving, private sector-driven renewable energy sector in Zambia that contributes to a green, sustainable and inclusive transformation, and improved livelihoods and climate resilience, especially of rural populations. Knowledge exchange, skills development and capacity building will lie at the heart of our cooperation.”

25 June 2021: Organised by the East African Centre of Excellence for Renewable Energy and Efficiency (EACREEE) and the Alliance for Rural Electrification (ARE), the 2nd edition of the Sustainable Energy Forum for East Africa (SEFEA) took place virtually from 22 to 24 June 2021. The event was supported by GET.invest, a European programme supported by the European Union, Germany, Sweden, the Netherlands, and Austria; and the United Nations Industrial Development Organization (UNIDO). It was held in English and French with simultaneous translations.

More than 1,150 participants from 90 countries joined this major event. Over 50 experts brought deep insights into the role of decentralised renewable energies (DRE) in achieving the Sustainable Development Goals (SDGs) in the East African Community (EAC) region.

Caroline Adriaensen, Head of Cooperation at the Delegation of the European Union to Uganda underlined that: “Bridging the access gap by 2030 requires an approach that is commensurate with the size of the problem. In Uganda, the overnight investment cost of a universal electrification programme by 2030 has been roughly estimated at between USD 5.22 and USD 4.45 billion, according to the most recent electrification plans in the National Electrification Strategy. Attracting the volume of investment that will be necessary during the 2021-2030 decade will not be possible without ambitious reforms in the distribution sector both on and off-grid. This will also require a convincing business plan for the next decade with innovative financing models that allow de-risking and guaranteeing the private investment while keeping affordable tariffs for households, businesses and industries.”

The massive deployment of DRE promises to deliver vast socio-economic benefits in the EAC region, creating jobs, mitigating climate change, improving healthcare and education, as well as boosting energy security. To achieve this, major public and private sector investments are required. A high-level panel, featuring UNIDO, Ministries of Energy of Uganda and Kenya, the Austrian Development Cooperation, the African Development Bank and PowerGen, discussed current challenges on how to scale such investments in the EAC, and shared public and private sector perspectives on how to solve these issues.

Eng. Dr. Mackay Okure, Interim Executive Director of EACREEE stated that: “EACREEE makes a pivotal contribution at SEFEA to the EAC’s energy security agenda by sharing information on the challenges, opportunities and best practices in the region. Drawing on the support of international partners including ARE, GET.invest and UNIDO, SEFEA signifies the crucial role of global and local actors in catalysing expansion of modern energy markets that will speed up the socio-economic development of the region and aid in recovery from effects of the COVID-19 pandemic.”

The event featured presentations from the public sector, corporate and civil society stakeholders interactive topical discussions on energy efficient lighting & appliances, innovative financing of productive uses of energy & cold chain and clean cooking in the EAC region as well as pitches from private sector companies and startups offering innovative DRE solutions and business models. Over 300 virtual 1:1 meetings already took place during the GET.invest Matchmaking, which will last until 30 June. In addition, ARE, for the first-time, highlighted DRE in Burundi by hosting a dedicated deep-dive workshop.

David Lecoque, CEO of ARE said: “At ARE, we are honoured to be the co-organiser of the second SEFEA and to collaborate with EACREEE, GET.invest and UNIDO on concretely advancing the electrification in East Africa and supporting domestic businesses, national associations and governments in their efforts to achieve SDGs by 2030. We must build on the fruitful discussions and ignite massive and rapid deployment of decentralised renewables across East Africa.”

SEFEA showed that DRE technologies will remain the cornerstone in harnessing the region’s vast renewable energy and energy efficiency potentials and achieving the vision of the EAC for a prosperous regional sustainable energy market.

###

About Alliance for Rural Electrification: The Alliance for Rural Electrification (ARE) is an international business association with the aim to promote a sustainable decentralised renewable energy industry for the 21st century, activating markets for affordable energy services, and creating local jobs and inclusive economies. ARE enables improved energy access through business development support for more than 175 Members along the whole value chain for off-grid technologies. For more information, visit: http://www.ruralelec.org/.

About East African Centre of Excellence for Renewable Energy and Efficiency: The East African Centre of Excellence for Renewable Energy and Efficiency (EACREEE) plays a key role in promoting renewable energies and energy efficiency in the East African Community (EAC) region. Through its activities in the areas of policy, capacity development, knowledge management, and awareness raising, as well as business and investment promotion, EACREEE aims to create an enabling environment by mitigating existing barriers and in promoting a competitive sustainable energy market, as well as economies of scale in the EAC region. EACREEE will continue to execute regional projects programmes and activities in the above areas and in addition showing leadership in the coordination and harmonization of donor activities and acting as a regional hub for the SEforALL initiative. For more information, visit: https://www.eacreee.org/.

About GET.invest: GET.invest is a European programme which supports investments in decentralised renewable energy. The programme targets private sector business and project developers, financiers and regulators to build sustainable energy markets in developing countries. Services include market information, a funding database, matchmaking events and access-to-finance advisory. The programme is supported by the European Union, Germany, Sweden, the Netherlands, and Austria, and works closely with initiatives and business associations in the energy sector. For more information, visit: https://www.get-invest.eu/.

About UNIDO: UNIDO is the specialized agency of the United Nations that promotes industrial development for poverty reduction, inclusive globalization and environmental sustainability. The mission of the United Nations Industrial Development Organization (UNIDO), as described in the Lima Declaration adopted at the fifteenth session of the UNIDO General Conference in 2013, as well as the Abu Dhabi Declaration adopted at the eighteenth session of the UNIDO General Conference in 2019, is to promote and accelerate inclusive and sustainable industrial development (ISID) in Member States. For more information, visit: https://www.unido.org/.

• Westa.Solar has delivered its first 500kWp solar PPA project to Petrichor Industries in Nigeria.

24 June 2021: RP Global, a leading renewable energy developer and investor, and OOLU, leader in energy access solutions in West Africa, announce the launch of Westa.Solar, a Commercial & Industrial (C&I) Solar Venture in West Africa, and the deployment of its first solar PPA project in Nigeria.

The 500kWp solar installation will supply Petrichor Industries with almost a quarter of its energy needs as well as improve its resilience against frequent power outages. It will also enable the company to minimize its reliance on diesel generators, thereby reducing both its overall energy costs and carbon footprint. The project was jointly financed by Westa.Solar and a grant from the UK Foreign & Commonwealth Development Office.

Over the next few years, Westa.Solar intends to develop and implement a large pipeline of C&I solar projects in West Africa, supporting business development and increasing penetration of renewable energies across the country.

Located in Kano State, northern Nigeria, Petrichor Industries specializes in the manufacture of packaging products. Like many businesses in Nigeria, growth opportunities are constrained by expensive electricity tariffs and an unstable grid, with the frequent stop-start of power outages limiting production and increasing operating and maintenance costs. Westa.Solar’s customized solutions provide Petrichor with the security of a low cost, robust and reliable energy source fully adapted to meet its needs.

Kolawole Akinboye, Westa.Solar Nigeria Country Manager explained: “This is the first of what we hope to be many solar power projects for C&I companies in Nigeria. This Solar PV installation is projected to help Petrichor generate savings of over N235 million over the next 10 years and support its long-term growth ambitions. Our solar hybrid systems are a great solution for businesses with high energy needs. Ranging from 50kW to 5MW, our systems are fully customized to meet client demand. By providing a reliable supply at a competitive price we offer greater financial predictability and contribute to decarbonizing the Nigerian energy mix.”

###

About RP Global: RP Global is an independent power producer that draws its expertise from over 35 years of experience in the renewable energy sector, in which it implemented over 40 projects. As a developer, investor and operator, the company’s focus is on hydro, wind and solar PV projects. Currently, RP Global is actively developing a pipeline of around 9 GW.

The company's international team is currently active in Europe, South America and Africa, and is a founding partner of ‘Enery’, building an operating and greenfield PV portfolio in Eastern Europe, and PPA advisory ‘Pexapark’. Headquarters are in Vienna, Austria, and Madrid, Spain. For more information, visit: http://www.rp-global.com.

About OOLU: OOLU is a for-profit, social impact focused on increasing access to renewable energy for customers with unreliable grid access or completely off-grid. Operating in West Africa since 2015, Oolu is a leader in distributing, installing and financing solar energy solutions having developed a proprietary management platform and a capillary distribution network.

Today, OOLU has operations in five West African countries (Nigeria, Senegal, Mali, Burkina Faso, and Niger) and has sold over 60,000 solar home systems. For more information, visit: https://oolusolar.com/.

21 June 2021: Everyone in the world could have access to clean, affordable energy within the next nine years if countries modestly increase investments, according to new reports released Friday, in the recent of a major ministerial meeting on 21-25 June where countries and businesses will begin to announce energy plans for the decade.

Annual investments of around $35 billion could bring electricity access for 759 million people who currently lack it, and $25 billion a year can help 2.6 billion people gain access to clean cooking between now and 2030. The required investment represents only a small fraction of the multi-trillion-dollar global energy investment needed overall, but would bring huge benefits to one-third of the world’s population.

The recommendations on energy access are part of a proposed global roadmap with concrete actions to achieve clean, affordable energy for all by 2030 and net zero emissions by 2050, launched by the United Nations Friday, to set the groundwork for a large-scale mobilization of commitments this year.

National and city governments, foundations and businesses are expected to start announcing significant commitments in the form of “Energy Compacts” at Ministerial Forums to be held 21-25 June, driving action towards a High-level Dialogue on Energy, a summit to be convened by the UN in September. Major Energy Compact commitments and partnerships for clean electricity access and cooking solutions are among those expected to be announced during the June Forums, which are co-hosted by thirty Global Champion countries.

“The ambitious energy compacts being put forward by countries, businesses, cities, and many other partners are a spark of hope for achieving a just transition towards sustainable energy and for improving the lives of millions of people in the process,” said Dialogue Secretary-General Liu Zhenmin, UN Under-Secretary-General for Economic and Social Affairs. “But this is only the beginning and we need much more commitment and concrete action at this year’s High-level Dialogue on Energy to get where we need to be by 2030.”

The proposed roadmap, which will inform the High-level Dialogue on Energy in September and be considered in the political statement resulting from the summit, is based on reports submitted by five Technical Working Groups that have brought together over 160 experts since March, co-led by 16 UN and international organizations, grouped by thematic focus. The five focus areas are: energy access; energy transition; enabling the Sustainable Development Goals (SDGs) through inclusive, just energy transitions; innovation, technology and data; and finance and investment.

A system overhaul to speed up energy transition

In order to achieve the SDGs and Paris Agreement targets, energy transition must become a transformational effort, a system overhaul, the proposed roadmap suggests. The reports recommend a rapid scale-up of available solutions to reach 8000 GW of renewables by 2030 from 2800 GW currently, and to increase the average annual rate of energy efficiency improvement from the current 0.8 to 3 per cent. By 2025, 100 countries should establish targets for 100% renewable-based power, and there should be no new coal plants in the pipeline globally. The share of fossil fuels in the global mix would fall from the current 60 per cent to 30 per cent by 2030.

The proposed roadmap also calls for countries to phase out coal by 2030 in wealthier countries that are members of the Organisation for Economic Co-operation and Development (OECD), and by 2040 in non-OECD countries, recognizing that many developing countries will need support for this process. By 2050, 92 per cent of power would come from renewable technologies.

“The energy revolution is underway, but 759 million people still live without electricity and the opportunities it provides,” said Achim Steiner, Administrator of the UN Development Programme and Co-Chair of the High-level Dialogue. “It is one of the most blatant examples of inequality in our world today. Affordable clean energy access for all is the foundation for achieving a global energy transition that is fast and fair.”

A just and inclusive transition to achieve the SDGs

“At the upcoming Ministerial Forums, we will see bold commitments put forward as Energy Compacts as well as large financial commitments from partner institutions, and we need more of them, to ensure we leave no one behind and that we transition in a just and inclusive manner to net zero by 2050,” said his Co-Chair, Damilola Ogunbiyi, Special Representative of the UN Secretary-General on Sustainable Energy for All. “This is an opportunity of our lifetime to provide universal energy access by leveraging new partnerships and technologies, and funding innovations that can create a cleaner, brighter and more equitable economic future.”

The reports indicate that a just and inclusive energy transition can create 30 million new jobs in sustainable energy by 2030 and 42 million by 2050. They call for ensuring gender equality in all aspects of energy transition, including more women taking on roles as engineers, policymakers and entrepreneurs. The reports argue that every country and region should integrate achievement of the Sustainable Development Goals as a guiding framework for energy transition strategies. Policymakers must explicitly prioritize the needs of vulnerable groups in order to enable an inclusive and just energy transformation and achievement of all the SDGs.

Scaling up energy innovation and new technologies

On the role of innovation and technology, the proposed roadmap calls for scaling up research and development (R&D) and investment to align with the 2030 and 2050 goals, recognizing that private energy R&D funding has increased 40 per cent since 2010. Global investment in renewable energy capacity reached around $300 billion in 2019, with only 5 per cent invested in Africa, home to 82 per cent of those living without energy access.

The reports also acknowledge that many technologies for achieving the 2030 and 2050 goals exist but require innovations that accelerate and scale-up their deployment. In addition, the reports call for increased financing and investment to address lack of finance for local energy innovations in developing countries. Data systems need to be enhanced to better inform energy policies and direct investment decisions.

A tripling of clean energy investment by 2030

Recommendations on financing and investment needed to achieve the 2030 and 2050 energy targets call for a tripling of clean energy investment to $5 trillion per year by 2030. The trillions of dollars in investments needed can be supported by scaling up the use of blended finance mechanisms and multilateral portfolio guarantees coupled with results-based financing, de-risking instruments and commercial financing, as well as reducing regulatory barriers to attract private investment.

The Energy Compacts announced at the June Forums will be made public and tracked in an online database, with annual reporting through 2030. It is expected that many more commitments will be announced towards the September High-level Dialogue from national and local governments, businesses, foundations and civil society organizations.

• Single largest distributed renewable energy initiative aims to reduce 1 billion tons of greenhouse gas emissions and improve 1 billion lives by:
  • Kick-starting post-pandemic economic recovery;
  • Enabling emerging economies to leapfrog to renewable energy.
• The initiative will be operated through a new global platform , launching in 2021.

21 June 2021: The IKEA Foundation and The Rockefeller Foundation today announce they will join forces to set up a $1 billion global platform to fight climate change and energy poverty. The platform – launching this year – aims to reduce 1 billion tons of greenhouse gas emissions and to empower 1 billion people with distributed renewable energy (DRE). This is renewable energy generated from sources such as mini-grid and off-grid solutions, located near the point of use, rather than centralized sources like power plants. The new global platform will oversee the organizations’ combined matching funds. It aims to deliver clean and reliable power to the 800 million people worldwide who lack electricity, and a further 2.8 billion who have unreliable access. It will be run as a public charity to manage a concerted effort to rapidly channel development funds to life-changing projects on the ground.

While funding to support energy transition has increased at a global level, many organizations struggle to identify viable, investment-ready projects. As a result, many emerging economies still depend on unreliable and polluting energy sources. By creating a platform to deploy catalytic capital more efficiently, and at scale that supports the expansion of local renewable energy projects, governments will be better able to achieve renewable electrification and development targets.

“If global energy consumption doesn’t change from fossil fuels to renewable energy, we will not meet the Paris Agreement ambitions and millions of families will be left behind in poverty. We need to be honest and recognize that the current approach is not delivering the impact the world needs in the time that we have,” said Per Heggenes, CEO IKEA Foundation.

“Our collective ambition is to create a platform that supports renewable energy programmes which can deliver greenhouse gas reductions fast and efficiently and accelerate the energy transition. We need to replace polluting sources of energy with renewable ones, provide access to energy to communities and unlock further funding for sustainable models. Ultimately, we aim to unite countries and communities in urgent action to tackle the climate crisis, reduce 1 billion tons of greenhouse gas emissions and, by doing so, we hope to positively impact the lives of 1 billion people,” Per added.

“Millions of lives and trillions of dollars have been lost to Covid 19, forcing people back into poverty after decades of progress. The effects of the climate crisis will make this even worse, which is why we must invest now to reverse this downward spiral,” said Dr. Rajiv J. Shah, President of The Rockefeller Foundation.

He added: “Big, bold, and pioneering collaboration and investment is required not only for the short term, but also the long term, to galvanize a better future. That is why we are announcing our largest commitment to date and joining forces with IKEA Foundation to double that investment. Our partnership will unlock the financing and resources that are essential to provide clean, reliable electricity that improves the lives and livelihoods of people everywhere.”

To facilitate the joint investment, The Rockefeller Foundation will incubate the platform in RF Catalytic Capital Inc., which the foundation launched in 2020. This offers an innovative way for impact investors, and governments to combine their resources and expand their global philanthropic reach.

The Rockefeller Foundation and the IKEA Foundation have a shared mission, backed by expertise and funds to achieve large scale greenhouse gas emission reductions and look forward to partnering together to improve lives and livelihoods around the world.

###

About the IKEA Foundation: The IKEA Foundation is an independent philanthropy focused on creating brighter lives on a liveable planet through its grant giving efforts. It is funded by INGKA Foundation, owner of Ingka Group. For more information, visit: www.ikeafoundation.org.

About the Rockefeller Foundation: The Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation to enable individuals, families, and communities to flourish. They work to promote the well-being of humanity and make opportunity universal. Their focus is on scaling renewable energy for all, stimulating economic mobility, and ensuring equitable access to healthy and nutritious food.