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    Shell-founded startup fund receives $13 million from Canadian DFI to accelerate clean energy access in Africa – TechCrunch

    FinDev Canada is the Energy Entrepreneurs Growth Fund (EEGF), Investing in early and growing energy startups in sub-Saharan Africa. Part of the funding to increase access to clean energy for local off-the-grid homes and businesses.

    Founded by the Shell Foundation in 2019, the $ 120 million EEGF will fund companies in the energy sector in the form of debt (catalyst or mezzanine) or equity, jointly funded by UKaid and the Dutch Entrepreneurial Development Bank FMO. .. EEGF is managed by the triple jump. He is an impact investing manager and is advised by Persistent. Climate venture builder.

    FinDev Canada participated in financing through 2X Canada, an impact investing facility that promotes economic empowerment of low-income and poorly serviced people in sub-Saharan Africa, Latin America and the Caribbean.

    Paulo Martelli, Vice President and Chief Investment Officer of FinDev Canada, statement Financing will help accelerate innovation in the clean energy industry after the Covid-19 slows down, he said.

    “The pandemic has delayed the electrification of Africa, which was already delayed before the health crisis. FinDev Canada and its 2X Canada facility will increase EEGF’s ability to invest in this sector, making African homes and businesses clean and credible. We support energy companies that are committed to expanding access to high-quality energy and leading to inclusive and sustainable growth and improved livelihoods for millions of people, “he said.

    The fund invests in at least half of the companies that clearly meet the energy needs of female consumers and entrepreneurs in Africa, as well as those that provide renewable energy solutions to businesses and homes.Presumed Sub-Saharan Africa accounts for 75% of the world’s population Without access to electricity and renewable energy, it could be used to fill that gap.

    “A fair and comprehensive energy transition to mitigate energy poverty and mitigate climate change requires an understanding of the funding needs of entrepreneurs we rely on to meet our global energy access goals. “There is,” said Gareth Zahir, Operations Director at the Shell Foundation. -Specification.

    “Investing in FinDev Canada’s fund will expand our offering of flexible financing solutions for entrepreneurs and help millions of Africans accelerate access to clean and reliable energy.”

    Last year, EEGF invested in Baobab + and Yellow, both offering paid solar energy solutions, and Redavia designed and installed a mobile solar farm for the enterprise.

    With customers in Ghana, Kenya and Tanzania, Redavia received a $ 3.7 million mezzanine investment from the fund. The startup aims to install more than 85 MWp of solar power across the continent. By September of last year, we had installed “nearly 90 solar power generation units with a solar power generation capacity of 7 MWp”.

    Yellow, which operates in Malawi and Uganda and allows homes and small businesses to pay for PV systems in installments, received $ 4 million and Baobab + received $ 2.3 million. Baobab + operates in Mali, Senegal, Madagascar and Côte d’Ivoire and plans to enter the markets of Nigeria and the Democratic Republic of the Congo.

    Shell-founded startup fund receives $13 million from Canadian DFI to accelerate clean energy access in Africa – TechCrunch Source link Shell-founded startup fund receives $13 million from Canadian DFI to accelerate clean energy access in Africa – TechCrunch

    The post Shell-founded startup fund receives $13 million from Canadian DFI to accelerate clean energy access in Africa – TechCrunch appeared first on California News Times.

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