Published on March 27th, 2018 | by Joshua S Hill0
European Investment Bank Commits $25 Million To Strengthen African Off-Grid Solar Access
March 27th, 2018 by Joshua S Hill
The European Investment Bank announced on Monday $25 million in financing intended to strengthen energy access in Africa with the use of off-grid solar systems, in conjunction with d.light design, a global leader in off-grid solar power products.
The $25 million in financing from the European Investment Bank (EIB) — the long-term lending institution of the European Union — will enable d.light design to develop the installation of solar kits in sub-Saharan Africa and aim to hit its goal of reaching 10 million solar installations within five years. d.light design’s solar kits provide not only the solar panels, but also lamps and low-energy equipment such as radios, TVs, mobile phone chargers, etc.. The EIB’s investment will further enable d.light to reach more and more people throughout sub-Sarahan Africa who otherwise have no access to reliable electricity, or are otherwise reliant upon dirty and dangerous fossil fuel sources such as kerosene and diesel.
“I am delighted that the EIB has signed this new financing with d.light in Africa for an off-grid solar project that will have a major economic and social impact on people and micro-entrepreneurs,” said EIB Vice-President Ambroise Fayolle. “The EU bank is determined to implement the Paris climate agreement and to cooperate to achieve the sustainable development goals, particularly when it comes to ensuring access to affordable, reliable and sustainable energy for all. With its unique technical and financial expertise in the support of solar projects, the EIB will mobilise new investments to develop renewable energies in Africa.”
d.light design will focus installation expansion first in Ethiopia, Kenya, Nigeria, Tanzania, and Uganda, before investigating expansion beyond.
The European Investment Bank has invested around €25 billion over the years, supporting more than 1,300 public and private sector projects. Specifically, since the EIB began intensifying its African investments in 2014 it has invested €8.8 billion in new financing to support infrastructure and the private sector.