The African Development Bank (AfDB) has declared that the Off-Grid Energy Access Fund (OGEF) had completed its first close with committed capital of $58 million from the AfDB, the Nordic Development Fund, the Global Environment Facility, Calvert Impact Capital and All On.
The Fund is part of the bank’s sponsored Facility for Energy Inclusion (FEI), a $500 million debt platform to catalyse capital markets support for innovative energy access strategies.
OGEF’s first close follows the official launch of FEI at the Africa Energy Market Place (AEMP) on July 5-6, 2018, where the initiative was presented to representatives of five African countries, including Nigeria, Côte d’Ivoire, Ethiopia, Egypt and Zambia – as well as leaders from the private sector and the development partner communities.
AfDB’s vice president for Power, Energy, Climate Change and Green Growth, Amadou Hott, said “FEI is part of a broader Bank strategy to unlock more financing in decentralised energy companies, which also entails direct investments in market leaders, lines of credit for local banks and programmatic support to countries in scaling-up their energy access agendas.
“We will keep pushing the ‘off-grid revolution’ in the African continent to achieve universal energy access by 2025,” Hott stated.