- IFC invests $80m in FEI for African Renewable energy in commercial and industrial sectors.
- The funding aims to increase production capacity by 115MW in fifteen African countries.
The International Finance Corporation (IFC) commits $80 million to boost the Facility for Energy Inclusion (FEI) for African renewable energy in commercial and industrial sectors. As the World Bank Group’s private sector financing arm, the IFC provides a $30 million loan, a $20 million Co-Financing portfolio Management Programme (CPMP) loan leveraging $30 million of blended finance.
This also includes $15 million each from the International Development Association’s (IDA) private sector window blending facility and Finland’s and the IFC’s blended climate finance program. This funding aims to increase production capacity by about 115 MW across fifteen African countries, including the Democratic Republic of Congo, Ghana, and Kenya.
FEI funds small-scale decentralised renewable projects for commercial and industrial enterprises, telecommunications, and solar mini-grids. CrossBoundary Energy (CBE) secured a $20 million line of credit in November 2023 through the financing facility, with Standard Bank allocating $50 million to produce solar energy for businesses in sub-Saharan Africa.