- The funding partners of the Covid-19 Off-Grid Recovery Platform announce an additional $20 million in funding.
- The programme supports the recovery of the off-grid solar power sector, heavily impacted by the Covid-19 pandemic.
According to the World Health Organisation (WHO), the Covid-19 pandemic has been tackled, yet, the activities of the Covid-19 Off-Grid Recovery Platform are being extended with a funding of $20 million. African Development Bank (AfDB) announced that The Global Environment Facility (GEF) provides $13 million of the funding. The other $7 million, is being funded by the Sustainable Energy Fund for Africa (SEFA), a special multi-donor fund managed by the AfDB.
This $50 million facility was started by the pan-African bank shortly after the Covid-19 pandemic and will be operational for five years. The platform will provide assistance to businesses installing green mini-grids, solar home systems, clean cooking systems, and other options for access to renewable energy at this time. The goal is to lessen the pandemic’s consequences while ensuring a strong commercial comeback for Africa’s green off-grid industry.
The Covid-19 Off-Grid Recovery Platform, according to the financial institution based in Abidjan, Ivory Coast, has already given 12 energy access providers “flexible” financing for the marketing and deployment of solar home systems, mini-grids, and solar irrigation solutions for commercial and industrial use.
Fund managers Lion’s Head Global Partners, Triple Jump, and Social Investment Managers and Advisors have already contributed $20 million to the first round of this post-Covid-19 stimulus program. Additionally, SEFA provided the program with an initial $20 million in funding upon its introduction in December 2020.