AfDB launches $50m facility to support energy access companies amid COVID-19
The African Development Bank has approved a $20 million concessional investment from the Sustainable Energy Fund for Africa to establish the COVID-19 Off-Grid Recovery Platform. The $50 million blended finance initiative, will provide relief and recovery capital to energy access businesses, supporting them through and beyond the pandemic.
The platform is anchored on a partnership with three specialized energy access fund managers selected through a competitive process: Triple Jump, Lion’s Head Global Partners, and Social Investment Managers and Advisors.
The $20 million concessional envelope will be blended with their own capital and instruments, leveraging $30 million-$40 million in complementary commercial funding and enabling more affordable debt products. Through these partners, the recovery platform will support energy access companies commercializing and deploying solar home systems, green mini-grids, clean cooking and other decentralized renewable energy solutions.
