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Home Energy

AfricaGoGreen gets US$30M+ from the AfDB and Nordic Development Fund

Fabio Scala by Fabio Scala
March 11, 2022
in AfDB, Africa, Energy
Reading Time: 3 mins read
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The African Development Bank and the Bank’s Sustainable Energy Fund for Africa (SEFA) have approved a combined-equity investment of $20 million in the AfricaGoGreen Fund, a debt fund established to promote private investments in energy-efficient technologies and business models, with the objective of decarbonising African economies and accelerating the energy transition.

These new investments come on top of $11.5 million equity contribution approved by the Nordic Development Fund (NDF) in December 2021. NDF provides financing to climate change mitigation and adaptation activities within the nexus of climate change and development. NDF is also a donor to SEFA, thus reinforcing the close partnership to advance the transition to cleaner and greener solutions for the continent while encouraging the participation of the private sector.

“This combined Bank investment will lead to increased financing of emerging projects and businesses in the areas of industrial appliances, electric mobility and green buildings, which are key to the decarbonization of African economies and to a just energy transition”, said Dr. Kevin Kariuki, African Development Bank Vice President for Power, Energy, Climate and Green Growth.

“Achieving the climate goals and universal access to clean and affordable energy will require vast investment in energy efficiency and, more broadly, in electrification and other sector coupling trends. By targeting these emerging sectors in Africa, AGGF complements our climate and energy access portfolio, and is aligned with our strategic role as an early-stage catalytic investor”, said Mr. Henrik Franklin, Director for Portfolio Origination and Management at the Nordic Development Fund.

Also read: World Bank announces winners of the Africa AgTech & Inclusive Insurance Challenge 2022 in Africa

Launched in early 2021 with EUR 45 million in catalytic capital, the AfricaGoGreen Fund is a flagship project under the G20 Compact with Africa.

“We are really happy to see the Bank, SEFA and NDF as new investors in AGGF. These new investments are also expected to trigger additional investments by commercial investors and financiers either directly or through co-funding of projects”, said Jan Martin Witte, Director Global Equity and Funds for KfW Development Bank.

The Fund approved its first deal in August 2021, a loan to AktivCo – a company that finances clean energy solutions for powering telecommunication towers located in Burkina Faso, Cameroon, Chad, Côte d’Ivoire, and Niger. Also, in December 2021, it made an additional approval of a $5.5 million loan to BBOXX, a technology company exploring energy solutions that would provide electricity and other utilities to the millions without them, for the expansion of access to clean cooking solutions.

The AfricaGoGreenFund provides flexible and tailored debt instruments to private businesses in green appliances for domestic and industrial processes, green buildings, e-mobility solutions, and battery energy storage projects. It is managed by LHGP Asset Management, part of the Lion’s Head Global Partners group.

Clemens Calice, Co-CEO and founding partner of Lion’s Head Global Partners said: “We are excited to welcome the African Development Bank, SEFA and NDF as investors to the AfricaGoGreen Fund. The Fund will take efforts to transition to a lower-carbon economy a step further by offering financing to innovative African companies that embrace energy efficiency as a challenge and an opportunity.”

Also read: Why Forex trading is exploding exponentially in Africa

About SEFA:

SEFA is a Multi-Donor Special Fund that aims to unlock private sector investments that contribute to providing universal access to affordable, reliable, sustainable, and modern energy services for all in Africa, in line with the Bank’s New Deal on Energy for Africa strategy and Sustainable Development Goal 7.

About NDF:

The Nordic Development Fund (NDF) is the joint Nordic international finance institution of the five Nordic countries: Denmark, Finland, Iceland, Norway, and Sweden. NDF focuses on the nexus between climate change and development in lower-income countries and countries in fragile situations. Since the introduction of the climate mandate in 2009, NDF has built a track record of adding value by financing climate mitigation and adaptation projects in close interaction with its extensive network of strategic partners.

Related

Source: AfDB Press Release
Tags: africaAfricaGoGreen FundAfricaGoGreen gets US$30M+ from the AfDB and Nordic Development Fundafrican development bankAktivCoBank’s Sustainable Energy Fund for AfricaBurkina FasoCameroonChadClemens CaliceCôte d’IvoireEnergyenergy-efficient technologiesFeatureHenrik FranklinJan Martin WitteKevin KariukilhgpLion’s Head Global PartnersNDFNigerNordic Development Fundprivate investmentsSEFAафрикаأفريقياアフリカ非洲
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Fabio Scala

Fabio Scala

Fabio Scala is currently a bank director in Mozambique. Previously he served in a UK family office focused on an equity portfolio in Southern Africa. He is also a board member of Uhusiano Capital, a boutique investment firm focused on impact investment, and a board advisor at Digilogic - a pan-EU-Africa network of DIHs focusing on Smart logistics. Prior to his African experience, Fabio has worked in the US, Portugal, and Brazil where he started his career at Caixa Economica Federal - the country’s largest state bank.

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