Kreditanstalt für Wiederaufbau (KfW), the German development agency, has appointed Triple Jump B.V., Persistent and GreenMax Capital Advisors to manage its new Foundation for Clean Energy and Energy Inclusion in Africa (CEI Africa).
The new Foundation for Clean Energy and Energy Inclusion in Africa (CEI Africa) is taking shape. The initiator of this project dedicated to financing electrification through green mini-grids appoints the managers of its new mechanism. Following a tender, the German development agency Kreditanstalt für Wiederaufbau (KfW) has selected the fund managers Triple Jump B.V., Persistent and GreenMax Capital Advisors.
Triple Jump B.V., based in Amsterdam, the Netherlands, has been appointed as the lead fund manager for the funds allocated to IRC Africa. Together with the other fund managers, Persistent and GreenMax Capital Advisors, Triple Jump will provide grants to green off-grid providers and rely on other mechanisms for financing decentralized solutions, including crowdlending and community credit.
“In sparsely populated areas, decentralized, off-grid power supply is only possible through small-scale solutions that are independent of public power grids. This is an innovative and forward-looking approach,” explains Christiane Laibach, Member of the Executive Board of the KfW Group.
The consortium of fund managers will start its activity with a first financing of 49 million euros validated a few days ago by KfW. According to the German financial institution, this initial financing will support the construction of 187 green mini-grids and 70,000 new connections to mini-grids. These activities are expected to provide over 350,000 people with access to electricity.
Over the next ten years, CEI Africa hopes to engage other public donors to achieve its goal of increasing the Foundation’s funding and the number of electricity connections tenfold. Small savers and diaspora investors, i.e., those with family or personal ties to the countries of investment in sub-Saharan Africa, will also be able to invest.
Jean Marie Takouleu