AfDB receives €40m from European Commission for small scale renewables in AfricaChristian Fernsby ▼ | June 26, 2019
The African Development Bank (AfDB.org) announced a EUR 40 million investment from the European Commission for the Facility for Energy Inclusion (FEI), a new platform for financing small-scale renewables in Africa.
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The Bank, the European Commission, in partnership with Lion’s Head Global Partners and Fieldstone and the Lusophone Renewable Energy Association, presented the Facility to participants at the Forum.
FEI is a $500 million financing platform spearheaded by the African Development Bank to catalyze financial support for innovative energy access solutions.: FEI On-grid, a targeted USD 400 million fund, supports improved energy access through the development of small-scale renewable energy generation and mini-grids across Africa, while the Off-Grid Energy Access Fund (OGEF), a targeted USD 100 million fund, supports off grid energy distribution companies and boosts their long-term capacity to access capital markets at scale.
Joao Cunha, Manager for Renewable Energy Initiatives at the African Development Bank said FEI had been developed to offer debt instruments, including in local currency, to companies providing affordable, clean and sustainable access to underserved communities in the Sub-Saharan region. ■