(Gogla Staff, 15 Feb 2018)
As financing energy access through decentralized renewables continues to be a challenge, some off-grid solar companies have turned to crowdfunding to finance their projects. With sometimes as little as $25, individual investors are gathering around the off-grid solar space. During the recent Global Off-Grid Solar Forum & Expo in Hong Kong, GOGLA sat down together with three crowdfunding platforms to discuss the latest trends in crowdfunding off-grid solar. The three participants were:
IFC, a member of the World Bank Group, and the government of Canada have formed a blended finance partnership that will use public funds to unlock larger amounts of private sector investments to expand renewable energy in Sub-Saharan Africa.
The program, called Canada-IFC Renewable Energy Program for Africa, involves a contribution of 150 million Canadian dollars from the Canadian government. IFC will use these funds to catalyze private sector investment in renewable energy by providing concessional financing blended alongside IFC’s own account resources to mitigate a variety of risks that can deter private investment in renewable energy. This is expected to improve access to affordable and sustainable energy services, reduce the dependency on fossil fuels, and bring African countries a step closer to accomplishing their sustainable development goals.
(Adapted from thinkgeoenergy, 2017)
IFC is providing $20 million in equity funding to the Africa Renewable Energy Fund (AREF) managed by Berkeley Energy, replacing an investor that stepped out. AREF is invested in the Corbetti geothermal project in Ethiopia.
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(IRENA Press Release, November 2017)
The International Renewable Energy Agency (IRENA), in partnership with the Abu Dhabi Fund for Development (ADFD), is inviting applications for renewable energy projects in developing countries. Within the framework of the ADFD-funded US$350 million (AED1.285 billion) IRENA/ADFD Project Facility, the current funding round of US$50 million in concessional loans marks the sixth of seven annual cycles.
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