FMO supports green energy projects in Chad
Dutch development bank FMO signed a €500,000 (about $602,595) convertible note to ZIZ Energie, a privately-owned integrated power company in Chad.
The investment is part of a €2 million ($2.39 million) convertible round in a co-investment with Energy Access Ventures and marks the start of a larger investment round that aims to allow ZIZ to scale its operations and improve green energy access to households and smaller businesses in secondary towns across the country.
The first financing round will cover development costs - including initial investments in the corporate E&S Management Framework - and part of the start of the construction of the first site, Mongo. The next phase involves constructing the 2.5MW of Solar PV power generation and 5MWh of battery storage, as well as replacing ZIZ’s existing diesel-powered mini-grids. Over the next five years, ZIZ intends to roll out 20 mini-grids in Chad.
