Multinational - The COVID-19 Off-Grid Recovery Platform (CRP)- Facility for energy inclusion off-grid Energy Access Fund


Project Summary

Approval Date 01 Dec 2020
Signature Date 17 Aug 2021
Sovereign / Non-Sovereign Non Sovereign
Sector Power
DAC Sector Code 23230
Commitment U.A 5,015,311.9
Status Completion

Project General Description

This intervention concerns the COVID-19 Off-Grid Recovery Platform (CRP). Energy access (EA) companies are critical to achieving universal access to energy and green growth in Africa but are currently facing severe business uncertainty due to financial, economic, and operational challenges caused by the COVID-19 pandemic. The COVID-19 Off-Grid Recovery Platform (CRP) is a 5-year, USD 50 million blended finance platform designed to unlock private capital for EA companies to mitigate the negative impacts of the COVID-19 pandemic while advancing access to clean electricity and ensuring a green economic recovery. CRP will avail concessional capital from the Sustainable Energy Fund for Africa (SEFA) to specialized energy access funds to blend with their own commercial capital, to enable the provision of liquidity and working capital to EA companies on below market terms. CRP will support ca 25-30 transactions and leverage ca USD 130 million in additional co-financing at project level. It will enable the provision of new off-grid connections to at least 200,000 households, equivalent to 1,000,000 beneficiaries over the period 2020-2024. Over 1,700 full-time and 8,000 rural agent positions will be protected and over 1,600 new fulltime jobs will be created, of which 30% is estimated to be filled by women.

Project Objectives

The project goal is unlocking commercial capital to finance Energy access (EA) companies enabling them to mitigate the negative impact of the pandemic.

Beneficiaries

The project will benefit at least 200,000 households equivalent to 1,000,000 beneficiaries over the period 2020-2024 through Africa.

Participating Organization

Funding
Sustainable Energy Fund for Africa

Information

IATI identifier 46002-P-Z1-FF0-022
Last Update 28 Jan 2023

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Contact Details

Email private-sector@afdb.org

Geographic Location

Country Multinational