NEoT launches receivables securitization program for green energy projects in Africa
NEoT Offgrid Africa (NOA) has closed a receivables securitisation program with Zola Electricity Cote d'Ivoire with the aim of equipping more than 100,000 homes in Ivory Coast with solar systems. NOA, majority-owned by Meridiam, wants the deal to reach a portfolio worth €40 million.
Through the programme, NOA - which is leading the financial structuring of the entire project - bears financial risks related to the “rent-to-own” scheme whereby customers can become owners of the solar kits at the end of the rental period.
The investment platform has mandated Credit Agricole, Societe Generale and Societe Generale Cote d'Ivoire to arrange the financing. Societe Generale has extended a loan in local currency, whose committed amounts will vary monthly depending on the characteristics of the client portfolio.
The loan is guaranteed by the African Development Bank and Credit Agricole, while Grameen Credit Agricole Foundation will be in charge of monitoring the social and environmental performance of the project.
