Evolution II Fund closes equity investment on Burundi solar project
Evolution II Fund has closed an equity investment and construction bridge loan in Gigawatt Global’s 7.5MW solar PV project in Burundi.
The Renewable Energy Performance Platform is providing a matching construction bridge loan and subsequent subordinated loan on refinancing.
The project is the first to utilize the Regional Liquidity Support Facility from the African Trade Insurance Agency, and US International Development Finance Corporation is providing political risk insurance and has committed to refinancing the construction bridge with senior debt.
Evolution II is managed by Inspired Evolution, an Africa-focused investment advisory firm that specializes in the clean energy sector. Evolution II holds a majority shareholding in the project. EPC contractor Voltalia has started full construction on the project, which was developed by Gigawatt Global, a US-Israeli developer.
The project, which will bring power to over 87,000 people and businesses, is also the first grid-connected solar PV development by an independent power producer in Burundi.
