The African Development Bank has reached financial close on financing agreements for a US$20mn concessional investment from the Sustainable Energy Fund for Africa (SEFA) for the COVID-19 Off-Grid Recovery Platform (CRP)
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 US$20mn concessional investment from the Sustainable Energy Fund for Africa (SEFA), to establish the platform. The five-year finance initiative is designed to provide relief and recovery capital to energy access businesses, supporting them through and beyond the pandemic.
“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 commercialising 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.
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.
