PARIS, France, April 4, 2024/ — ENGIE Energy Access (EEA) Head of Funding Marie Testard will discuss unlocking clean energy finance at the Invest in African Energy (IAE) forum, taking place in Paris this May. EEA represents the leading mini-grid and off-grid Pay-As-You-Go solar energy company in Africa, committed to raising electrification rates across the continent.
In Nigeria, the company is developing a $60-million mini-grid project with financing from CrossBoundary Energy Access – the largest mini-grid project finance transaction in Africa — connecting over 150,000 people and set to be completed by 2026. Last October, the two companies signed an additional partnership with Nigeria’s Federal Government and the Rural Electrification Agency to provide clean electricity to 15 rural communities across three North Central States. In Zambia, the company’s subsidiary MySol Grid Zambia secured $7.5 million last July to build 60 mini-grids, supplying electricity to more than 40,000 people.
IAE 2024 (https://apo-opa.co/
In sub-Saharan Africa, off-grid solutions, specifically in solar, have emerged as viable alternatives to grid-connected infrastructure, as they do not require the construction of capital-intensive transmission lines and are often the only option for remote communities that lack electricity access. Moreover, off-grid power generation from renewable resources such as wind, hydro, solar and biomass carry the added benefit of meeting carbon reduction goals.
“While investment in Africa’s off-grid solar sector is growing exponentially, the sector still requires substantial private capital, coupled with enabling policy, to meet Africa’s development goals. ENGIE Energy Access – a recognized leader in this domain – will discuss strategies for de-risking the sector and accessing funds to scale-up projects, as well as the role of technology in reducing barriers to entry,” says Sandra Jeque, Event & Project Director at Energy Capital & Power.
