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The African Development Bank’s Global Environment Facility and Sustainable Energy Facility for Africa (SEFA) provide $20 million to expand Covid-19 off-grid recovery platform

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  The Board of Directors of the African Development Bank Group https www AfDB org approved a concessional investment of USD 20 million to support the second phase of the Covid 19 Off Grid Recovery Platform CRP 19 https bit ly 3qXLziV The CRP is a blended finance initiative to unlock private capital for energy access companies to mitigate the negative impacts of the pandemic while promoting access to clean electricity and ensuring a green economic recovery The Sustainable Energy Facility for Africa SEFA https bit ly 37jYAtS a multi donor fund administered by the African Development Bank will provide 7 million in financing for the expansion the remaining 13 million will come from the Global Environment Facility GEF https www theGEF org a multilateral environmental fund The second phase will help create an additional 70 million in financing for the energy access sector to cushion the lingering impacts of the pandemic on supply chains inflation the rising cost of capital and the effects of the conflict in Ukraine Alix Graham Off Grid Energy Access Fund Leader said With concessional financing from SEFA under CRP the Off Grid Energy Access Fund was able to offer affordable financing solutions in markets such as Malawi and Sierra Leone who helped companies to reduce the impact of increased currency volatility and increased logistics costs He described CRP as a partnership between the private and development sectors that offered innovative financial solutions without distorting the market or crowding out private capital The Off Grid Energy Access Fund is managed by Lion s Head Global Partners one of three fund managers that jointly anchored Phase I of the Covid 19 Off Grid Recovery Platform The other two are Triple Jump https TripleJump eu and Social Investment Managers and Advisors https SIMAfunds com Mark van Doesburgh deputy director of sustainable energy at Triple Jump said We appreciate the continued support provided by the African Development Bank to accelerate progress towards SDG 7 The concessional financing provided under Phase II of the CRP comes at a critical time for early stage energy access companies that continue to be affected by Covid 19 and enables the Energy Entrepreneurs Growth Fund https bit ly 3f6oQ1s to free up flexible financing in the sector at a time when venture capital is increasingly scarce Through CRP s partners energy access companies can access a wide range of flexible debt financing solutions at more affordable terms To date more than 50 million in soft financing has been approved for 12 energy access companies that are commercializing and implementing solar home systems mini grids and commercial and industrial solar irrigation solutions Thanks to this strong partnership we have been able to mobilize more than 140 million of patient capital to mitigate the unprecedented challenges facing the energy access industry in recent years and protect progress towards universal access in Africa said Jo o Duarte Cunha manager of the Renewable Energy Funds Division in charge of SEFA at the African Development Bank
The African Development Bank’s Global Environment Facility and Sustainable Energy Facility for Africa (SEFA) provide million to expand Covid-19 off-grid recovery platform

1 The Board of Directors of the African Development Bank Group (https://www.AfDB.org) approved a concessional investment of USD 20 million to support the second phase of the Covid-19 Off Grid Recovery Platform (CRP).

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2 19 (https:/ /bit.ly/3qXLziV).

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3 The CRP is a blended finance initiative to unlock private capital for energy access companies to mitigate the negative impacts of the pandemic while promoting access to clean electricity and ensuring a green economic recovery.

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4 The Sustainable Energy Facility for Africa (SEFA) (https://bit.ly/37jYAtS), a multi-donor fund administered by the African Development Bank, will provide $7 million in financing for the expansion; the remaining $13 million will come from the Global Environment Facility (GEF) (https://www.theGEF.org), a multilateral environmental fund.

5 The second phase will help create an additional $70 million in financing for the energy access sector to cushion the lingering impacts of the pandemic on supply chains, inflation, the rising cost of capital, and the effects of the conflict in Ukraine.

6 Alix Graham, Off-Grid Energy Access Fund Leader, said: “With concessional financing from SEFA under CRP, the Off-Grid Energy Access Fund was able to offer affordable financing solutions in markets such as Malawi and Sierra Leone who helped companies.

7 to reduce the impact of increased currency volatility and increased logistics costs.” He described CRP as a partnership between the private and development sectors that offered innovative financial solutions without distorting the market or crowding out private capital.

8 The Off-Grid Energy Access Fund is managed by Lion’s Head Global Partners, one of three fund managers that jointly anchored Phase I of the Covid-19 Off-Grid Recovery Platform.

9 The other two are Triple Jump (https://TripleJump.eu) and Social Investment Managers and Advisors (https://SIMAfunds.com) Mark van Doesburgh, deputy director of sustainable energy at Triple Jump, said: “We appreciate the continued support provided by the African Development Bank to accelerate progress towards SDG 7.

10 The concessional financing provided under Phase II of the CRP comes at a critical time for early-stage energy access companies that continue to be affected by Covid -19 and enables the Energy Entrepreneurs Growth Fund (https://bit.ly/3f6oQ1s) to free up flexible financing in the sector at a time when venture capital is increasingly scarce.” Through CRP’s partners, energy access companies can access a wide range of flexible debt financing solutions at more affordable terms.

11 To date, more than $50 million in soft financing has been approved for 12 energy access companies that are commercializing and implementing solar home systems, mini-grids, and commercial and industrial solar irrigation solutions.

12 “Thanks to this strong partnership, we have been able to mobilize more than $140 million of patient capital to mitigate the unprecedented challenges facing the energy access industry in recent years and protect progress towards universal access in Africa,” said João Duarte Cunha, manager.

13 of the Renewable Energy Funds Division in charge of SEFA at the African Development Bank.

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