Signature(s)
Summary sheet
- Energy - Electricity, gas, steam and air conditioning supply
Debt fund to finance companies and assets that contribute to improved access to electricity using renewables in sub-Saharan Africa (junior financing under BMU mandate).
The fund targets medium- to long-term debt (up to 10 years) to develop, build and/or operate renewable energy installations, to provide access to clean energy for households and businesses, or to provide ancillary services in the energy supply chain in sub-Saharan Africa.
The project concerns an equity investment in a fund dedicated to financing energy access in Sub-Saharan Africa. It will support investments in distributed generation, off and mini-grid solutions, as well as solar Home Systems. It addresses market failures that hinder the scale-up of access to clean energy, stemming in particular from positive externalities from greenhouse gas emission reductions. This will result in a significant improvement in the economic environment and living conditions, reducing the use of polluting and expensive back-up solutions (e.g. kerosene, diesel) with better and more reliable renewable energy supply at a lower cost. Up to 1.5 million people are expected to benefit from the energy access solutions financed by the Fund.
The fund's operational guidelines will provide for environmental and social due diligence of all projects, according to guidelines acceptable to the EIB.
The Bank will require the Promoter to ensure that implementation of the project will be done in accordance with the EIB's Guide to Procurement.