Munich-based “flat-pack solar project” company Redavia has secured a new $3.1 million loan from the EU's Electrification Finance Initiative (EDFI ElectriFI).
The European development finance institution (EDFI) on Thursday revealed Redavia had settled a $2 million loan it took out in 2018 to back its expansion in Ghana and had subsequently signed for the new package to back further expansion in Ghana as well as in Kenya.
Redavia supplies modular, standardized solar systems to commercial and industrial clients in East and West Africa, with customers leasing the systems from the German company and reaping the benefits of reliable, clean, affordable electricity.
EDFI ElectriFI said the company had installed 3.4 MWp of solar capacity for 41 commercial customers in Ghana since 2018.
Ghana and Kenya are two of the nations which will benefit from an agreement between European institutions and the governments which make up the Organisation of African, Caribbean and Pacific States (OACPS).
On the eve of this year's EU-Africa Business Forum, in February, the EU, OACPS and Dutch development lender FMO (the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden) – which was representing European development finance institutions – agreed an additional €103 million ($111 million) for EDFI ElectriFI and for small-scale, developing-world agriculture peer EDFI AgriFI.
The parties stated the funding would be used in Ghana, Kenya, Tanzania, and Sri Lanka, as well as in OACPS member states.
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