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Gridworks is seeking a $35 million investment to kickstart the first phase of the Essor A2E project in the Democratic Republic of Congo (DRC)
- The Essor A2E project aims to deploy about thirty green mini-grid solar projects over the next five to seven years.
- The project is expected to cost $100 million.
Gridworks, one of the companies implementing the “Essor A2E” project of the government of the Democratic Republic of Congo (DRC) is seeking investment from international development finance institutions (DFIs). Gridworks intends to raise about $35 million in capital grants to begin the project’s implementation.
These funds should enable the Essor A2E project that Gridworks is developing in partnership with the pan-African group Eranove and the AEE (Association of Energy Engineers) to get off the ground.
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According to the London based Gridworks, the $35 million will enable the company to launch the first phase of the project. This phase includes installing hybrid solar power plants in Bumba, Isiro and Gemena towns in the DRC. The power plants which will range in capacity from 3MW to 10MW with diesel generators serving as backups.
According to the African Development Bank (AfDB) – a supporter of the project – the Essor A2E project will provide electricity to 21,200 households and about 2,100 small and medium enterprises (SMEs) and public buildings.
Implementation of the “Essor A2E” project will require a $100 million investment. About $65 million will be provided via equity contributions from Gridworks, Eranove and AEE; and bank loans.