ElectriFI supports Redavia's expansion in Ghana with $2 million
Post date: 08/01/2019 - 21:29
German solar technology company Redavia GmbH and ElectriFI have signed a $2 million financing agreement to support Redavia's expansion in Ghana's industrial and commercial sector, offering affordable, reliable and clean power generated through modular solar farms. »The investment will bring around 15 MW of solar PV assets to commercial and industrial off-takers,« says Quentin Antoine, Senior Investment Officer, ElectriFI.
As reported, in October Redavia and Swiss Responsibility Investment AG have signed a $4 million financing agreement for Redavia's Ghanaian subsidiary. Redavia offers solar power for businesses and communities in Africa through subsidiaries in Ghana, Tanzania and Kenya. The company targets the local business community including agrofoods processing, manufacturing, public infrastructure, hospitality and real estate companies and mining.
The Electrification Financing Initiative (ElectriFI) is managed by EDFI Management Company NV in close association with 15 European Development Finance Institutions (EDFI) as well as other investors. The organization is an impact investment facility with a mandate to invest in on- and off-grid early stage private companies and projects focusing on new and improved connections as well as on generation capacity from renewable energy sources in emerging markets. Typical business models include solar home systems, mini-grids, IPPs and captive power production. Core investors are the European Commission and Power Africa.