African Development Bank sponsored Off-Grid Energy Access Fund reaches final equity close with partner contributions

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The Facility for Energy Inclusion’s Off-Grid Energy Access Fund (FEI OGEF) has reached a final equity close with $59 million in committed equity capital and $36 million debt facilities, to support innovative, off-grid energy access companies.

The final close, reached on 18 November 2019, was made possible through a $15 million equity contribution from the European Union (EU), and a further $17 million from KfW, acting on behalf of the German Federal Ministry of Economic Cooperation and Development (BMZ).  Additionally, the EU is providing $2 million to fund a technical assistance facility, to enhance local currency financing. Other OGEF equity investors include the Nordic Development Fund and All On Calvert Impact Capital and the Prudential Insurance Company of America.

OGEF expects to raise further debt towards its $130 million targets over the next 12-18 months.

The African Development Bank is the fund’s anchor sponsor with a $30 million contribution and $8.5 million from the Global Environment Facility (GEF).

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Welcoming the EU and KfW contributions, Wale Shonibare, the Bank’s acting Vice-President for Power, Energy, Climate Change and Green Growth, emphasized the strategic importance of FEI in delivering the Bank’s renewable energy strategy for Africa, and the global SDG7 goal of energy access. “We are pleased to welcome the participation of like-minded partners in our shared ambition to promote access to modern, reliable and sustainable energy in Africa, and to enhance private sector participation in order deliver electricity to underserved communities in Africa,” he said.  

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Modern, high-quality off-grid connections can transform lives, Babette Stein von Kamienski, KfW’s Director of Power and Energy in Southern Africa, noted.

“KfW and BMZ have invested in OGEF to support this collaborative effort to advance climate-friendly off-grid energy in Africa, demonstrating that off-grid solutions can complement sustained grid electrification to accelerate electricity access to millions of Africans,” she said

Originally supported by a grant from the Sustainable Energy Fund for Africa (SEFA), FEI OGEF is currently managed by Lion’s Head Global Partners.

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“We are proud to have reached this milestone and excited to play a meaningful role in growing the sector and serve customers who are not currently served by traditional electricity grids. The off-grid market potential is massive and on track to transform electricity access in Africa as we know it,” said Harry Guinness, Fund Manager of OGEF.

FEI OGEF had its first close in November 2018 with committed capital of $58 million and has since closed a number of deals in the energy access space. These include an $8 million local currency loan to BBOXX in Rwanda for the expansion of its solar home systems business and a $2.5 million inventory financing loan to SunCulture in Kenya, for the scaling up of its pay-as-you-go solar irrigation kits business to smallholder farmers.

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African Development Bank sponsored Off-Grid Energy Access Fund reaches final equity close with partner contributions - Brand SpurAfrican Development Bank sponsored Off-Grid Energy Access Fund reaches final equity close with partner contributions - Brand Spur

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African Development Bank sponsored Off-Grid Energy Access Fund reaches final equity close with partner contributions - Brand SpurAfrican Development Bank sponsored Off-Grid Energy Access Fund reaches final equity close with partner contributions - Brand Spur

Latest News

Best of the Best: Over 100 Singapore’s elite brands were awarded at the inaugural Reader’s Digest Trusted Brands Awards

Virtual celebration acknowledges Singapore’s most trusted brands

 

SINGAPORE - Media OutReach - 25 February 2021 - More than 100 Singaporean brands are among the selected winners of the Reader's Digest Trusted Brands Awards 2020 in more than 50 categories listed in the recent event. The awards recognise which brands, products and services are best and above the rest in the eyes of the community and cover a host of categories.

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 African Development Bank sponsored Off-Grid Energy Access Fund reaches final equity close with partner contributions - Brand Spur

Reader's Digest Trusted Brands Awards Singapore


Due to the global pandemic, the traditional awards ceremony could not be held, but Reader's Digest was determined to recognise "success that deserves to be celebrated" says Asia Reader's Digest Editor-in-Chief Louise Waterson. The inaugural virtual awards for Singapore (plus Malaysia and the Philippines) are now live on the website.


Asia Reader's Digest Advertising & Retail Director Sheron White says, for the first time in the award's 23-year history the live celebration had to be cancelled, but all is certainly not lost. "You can sit in the comfort of your own home and enjoy viewing the award winners -- those voted the most trusted by the public," she says.


Reader's Digest commissioned an international leading research company, Catalyst Consultancy and Research, to conduct the survey to determine the most excellent, remarkable and outstanding companies. A total of 1,500 consumers throughout the country were asked to rank companies according to their trustworthiness and credibility, their quality and value, their understanding of consumer needs, their innovation and social responsibility.


Sheron says the awards provide a great indicator for the general public. Purchasing from a company voted the best by Singaporeans gives consumers the confidence that they are making the right choice.


She says category winners included newcomers to the podium as well as the old faithful and platinum and gold medals were awarded. In the travel agent category, for example, Chan Brothers won a platinum award for the 12th consecutive year and Amway was recognised in the water purifier category for the 16th year running. Taking a platinum award for the first time was AIA, in the life insurance category.


Daikin, meanwhile, is the company you want to know about if looking for air conditioning as, after clocking up 19 wins, this company is the longest-reigning gold winner in the Trusted Brand award history in Singapore. Also, of note, in the latest awards, NTUC Fairprice took away four gold medals and has done so for more than 10 consecutive years in the following categories: rice, cooking oil, tissue, and supermarket and online grocery.


More than 50 categories featured in the Trusted Brands awards, some of which had multiple winners. New categories are added over the years, with Pearl milk tea being an inaugural addition this year. The virtual awards ceremony features a selection of the winners.


Other than brands, the awards also included personality categories that judged: most trusted TV host/presenter of news and current affairs; most trusted entertainment and variety presenter; most trusted radio presenter; and most trusted sports personality. Glenda Chong, Michelle Chong, Joseph Schooling and The Flying Dutchman were identified as the most trusted personalities in their respective categories.


All this is also documented in the virtual awards with some of the winners making guest appearances.


Celebrate your favourite brands and personality winners in the Inaugural Virtual Trusted Brands Awards Video now!


African Development Bank sponsored Off-Grid Energy Access Fund reaches final equity close with partner contributions - Brand Spur
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