- Shell-founded startup receives $13 million from Canadian DFI for energy access in Africa.
- Part of the funding will go into clean energy for off-grid households and businesses in the region.
FinDev Canada has infused $13 million into Energy Entrepreneurs Growth Fund (EEGF), which invests in early and growth-stage energy startups in sub-Saharan Africa. The $120 million EEGF, founded in 2019 by the Shell Foundation and co-founded by Ukaid and the Dutch Entrepreneurial Development Bank FMO, provides financing in the form of debt or equity to businesses in the energy sector. The EEGF is managed by Triple Jump, an impact investment manager.
FinDev Canada participated in fundraising through 2X Canada, an impact investment facility driving the economic empowerment of low-income and underserved populations in sub-Saharan Africa, Latin America and the Caribbean.
The fund invests in at least half of companies that explicitly address the energy needs of women consumers and entrepreneurs in Africa and those offering renewable energy solutions to businesses and households. It is estimated that sub-Saharan Africa accounts for 75 per cent of the world’s population without access to electricity, and renewable energy solutions could be taken up to bridge that gap.