- British International Investment (BII) is entering into a new partnership with the Shell Foundation.
- The partnership aims to support the deployment of renewable energy through the financing of start-up companies in Africa and South Asia.
A recent agreement between the Shell Foundation and British International Investment (BII), the financial arm of the British diplomatic service, will help companies that offer renewable energy and energy-efficient solutions. By 2026, the two groups are committing to spending $245 million in South Asia and Africa on renewable energy.
The partnership aims to address financial barriers to early and mid-stage business development in a number of sectors, including electric mobility and agri-technology, as well as “supporting cross-cutting solutions in the areas of climate and gender inclusion,” according to the BII. The partnership also aims to finance renewable energy.
“This partnership continues our goal of supporting emerging economies in their transition to and expansion of clean and reliable energy, which is inclusive, will create new employment opportunities, support resilient economic growth, and help bridge gaps in financing and access to energy,” says Yasemin Saltuk Lamy, managing director and head of asset allocation and capital solutions at BII.
With their dedication to renewable energy, the British banking institution is one of the development partners who have gained recognition in Africa recently. A few months ago, the BII partnered with independent power producer (IPP) Scatec, the Norwegian Investment Fund for Developing Countries (NORFUND), and other parties to invest $200 million in hydropower in Africa.
The Shell Foundation, for its part, is sponsoring decentralized renewable energy in nations like Nigeria where it is assisting with the implementation of the Nigeria Electrification Project (NEP) via the All On investment firm. The British oil corporation Shell’s foundation just acquired Daystar Power. Commercial and industrial (C&I) customers can purchase solar energy from the Lagos, Nigeria-based business.