Azuri Technologies and Electrification Financing Initiative (ElectriFI) will feature at the UN Climate Change Conference COP24 to showcase how innovative financing in the off-grid solar sector is helping millions across Africa access affordable, renewable, clean energy
Last year, pay-as-you-go solar pioneer Azuri announced an innovative US$20mn off-balance-sheet multi-phase debt financing programme to expand off-grid energy and service provision in East Africa.
The first phase of US$4mn is an investment under the EU Electrify programme, which is currently underway in Kenya.
Azuri CEO Simon Bransfield-Garth, said, “The support from ElectriFI has been a key enabler for the African off-grid sector, providing both essential debt finance and a framework that is now being followed by commercial investors.”
Dominiek Deconinck, fund manager of ElectriFI, added, “A major barrier to investments in access to energy in developing countries is the lack of working capital finance. ElectriFI is delighted to be supporting the off-grid energy sector in sub-Saharan Africa and providing catalytic finance that will help improve the conditions for mainstream investment in this underfunded sector.”
The Azuri financing programme enables commercial debt to be raised and secured against Azuri customers' future revenues. ElectriFI was pivotal in the creation of this receivables financing scheme, investing alongside other commercial lenders.
More than 600 million Africans do not have access to electricity. Azuri tackles this through solar innovation, which delivers distributed power on a pay-as-you-go basis, with the assistance of its financial partners.
The pay-as-you-go sector is growing rapidly, and its continued expansion will require access to substantial levels of commercial debt capital, such as that initiated by ElectriFI.
