The Kenyan financial services business has been developing rural mini grids across Africa and has announced plans to show its rivals how such networks can thrive, in a bid to accelerate access to electricity on the continent.
Crossboundary Energy Access (CBEA) was established in January with large investment contributions from Rockefeller and Shell Foundations. The funding facility, which said it would work to unlock $11 billion in funding for the electrification of 100 million people in Africa, has penciled its first transaction with PowerGen Renewable Energy.
The new credit lines are for the development of on and off-grid renewable energy projects. The European Commission is offering the fund a €40 million helping hand.
Crossboundary Energy Access – which claims to be the continent’s first mini-grid financing facility – wants to unlock $11 billion in private capital to bring energy to 100 million people in sub-Saharan Africa. Raising capital has been a struggle despite mini-grids being lauded as a solid solution for electrification.
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