Off Grid Energy Access Fund

By providing emergency capital to off grid energy companies the covid 19 energy access relief fund aims to protect the progress already made towards achieving sustainable development goal 7.

Off grid energy access fund.

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. Ogef offers a flexible pragmatic and context driven approach to transaction structuring provides local currency options to. Decades of national and international efforts have yielded impressive gains in access to modern energy. The final close reached on 18 november 2019 was made possible through a 15 million equity contribution from the european union eu.

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. The off grid energy access fund ogef had its first close on thursday 2 august 2018 with committed capital of us 58 million from the african development bank the nordic development fund the global environment facility calvert impact capital and all on. Off grid energy access fund. 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.

Afdb the off grid energy access fund s anchor sponsor with a 30 million 2 12 billion contribution and 8 5 million 601 6 million from the global environment facility gef said that the fund expects to raise further debt towards its 130 million 9 2 billion target over the next 12 18 months. Fei ogef has two key impact objectives. Yet estimates suggest that under a business as usual scenario around 600 million people will still not have access to electricity by 2040. By stabilizing economies in emerging markets and providing security for up to 370 000 jobs the fund will also ensure that the sector can continue to grow.

Off grid energy access fund preparation facility ndf c102 12 01 2017 this project aims at preparing and establishing the off grid energy access fund an afdb led flagship financing initiative for scaling up access to clean energy for off grid households and communities throughout sub saharan africa. The facility for energy inclusion off grid energy access fund s fei ogef mission is to support the growth of energy access companies across africa and develop their capacity to sustainably access capital at scale.