$20 Million Investment pact fulfilled by the African Development Bank (AfDB) from the Sustainable Energy Fund for Africa (SEFA) for the Novel Coronavirus Pandemic OffGrid Recovery Platform
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The African Development Bank (AfDB) begets monetary approvals for a $20 million concessional enterprise from the Sustainable Energy Fund for Africa (SEFA) for the COVID-19 Off-Grid Recovery Platform (CRP). According to a press release, the concessional loan, consensus were approved with Fund Managers – Lion’s Head Global
Partners, Triple Jump, and Social Investment Managers and Advisors, observing authorization by the Board of Directors of the AfDB in December 2020 for a $20 million concessional investment from the Sustainable Energy Fund for Africa (SEFA), by way solidify the platform.
The five-year, $50 million combined finance drive, is formulated to give assistance and recuperation capital to energy access businesses, supporting them through and beyond the pandemic.
“Lion’s Head is immensely grateful for the support from the AfDB, in specific 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,” asserted 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 arrives at a crucial moment for early-stage energy access companies affected by COVID-19 and enables the Energy Entrepreneurs Growth Fund to proceed to publish flexible capital into the sector at a time when risk capital is increasingly scarce”, noted Jan-Henrik Kuhlmann, Head of Sustainable Energy at Triple Jump.
The forum funds companies commercializing solar home systems, green mini-grids, clean cooking, and other renewable energy access solutions in mitigating the consequences of the pandemic and guaranteeing a strong commercial comeback of the industry. Asad Mahmood, CEO and Managing Partner of Social Investment
Managers and Advisors, remarked: “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.”
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent