- August 17, 2021
- Posted by: adminer
- Category: Finance
The African Development Bank (AfDB) has reached a close on financing agreements for a $20-million-dollar concessional investment from the Sustainable Energy Fund for Africa (SEFA) for the COVID-19 Off-Grid Recovery Platform (CRP).
In a statement from the AfDB on Sunday, the concessional loan agreements were signed following approval by the board of directors of the bank in December 2020, for the $20-million-dollar concessional investment from SEFA, to establish the platform.
The agreements were signed with fund managers Lion’s Head Global Partners, Triple Jump, and Social Investment Managers and Advisors.
Harry Guinness, Managing Director, Off-Grid Energy Access Fund, part of the wider Facility for Energy Inclusion, expressed gratitude for the support from the AfDB.
“Lion’s Head is immensely grateful for the support from the AfDB, in particular the SEFA team and funders, for developing this innovative and catalytic co-investment instrument.
“African markets have been disproportionately affected by COVID-19 due to lack of infrastructure, macro vulnerabilities, especially in terms of currency and credit shocks and increasing global protectionism,” Guinness said.
Also, Jan-Henrik Kuhlmann, Head of Sustainable Energy, Triple Jump, said: “The COVID-19 Off-Grid Recovery Platform comes at a critical moment for early-stage energy access companies affected by COVID-19 and allows the Energy Entrepreneurs Growth Fund to continue releasing flexible capital into the sector at a time when risk capital is increasingly scarce.”
Furthermore, Asad Mahmood, Chief Executive Officer and Managing Partner, Social Investment Managers and Advisors, said the AfDB’s relief efforts were market-driven and flexible, and would help to leverage existing funds to ultimately assist energy distribution business in Africa.