Off-Grid Energy Access Fund reaches final equity close
The African Development Bank-sponsored Facility for Energy Inclusion’s Off-Grid Energy Access Fund (FEI OGEF) has reached a final equity close with $59 million in committed equity capital and $36 million debt facilities. The fund supports innovative, off-grid energy access companies.
The final close was made possible through a $15 million equity contribution from the European Union, and a further $17 million from German development bank KfW.
The EU also provided $2 million to fund a technical assistance facility to enhance local currency financing. Other OGEF equity investors include the Nordic Development Fund and All On Calvert Impact Capital and the Prudential Insurance Company of America. OGEF expects to raise further debt towards its $130 million target over the next 12-18 months.
Originally supported by a grant from the Sustainable Energy Fund for Africa, FEI OGEF is currently managed by Lion’s Head Global Partners.
