AFRICA: Oikocredit lends €5 million to Ecoligo to provide solar energy to SMEs

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AFRIQUE : Oikocredit prête 5 millions d'euros à Ecoligo pour fournir de l'énergie solaire aux PME©THINK A/Shutterstock

Solar energy provider Ecoligo is getting a €5 million loan from Oikocredit to expand its operations in two African countries. The company supplies solar energy to small and medium-sized enterprises (SMEs) and non-governmental organizations (NGOs).

Good news for Ecoligo. The Berlin (Germany)-based solar energy provider is getting a €5 million loan from Oikocredit, a microcredit institution based in Amersfoort, the Netherlands. The loan will enable Ecoligo to expand its activities in Ghana and Kenya. In both countries, the company installs and leases solar photovoltaic power plants to small and medium-sized enterprises (SMEs) and non-governmental organizations (NGOs).

Oikocredit estimates that its loan will enable the German company to provide clean energy to some 15 SMEs and NGOs in Africa. “Through significant cost savings, the SMEs and NGOs will be able to secure more jobs in local communities while reducing their CO2 emissions,” says Siebren Wilschut, Oikocredit’s investment manager.

Read also- GHANA: ecoligo acquires C&I assets of solar energy provider Namene

Ecoligo already has an installed capacity of 61.3 MWp, which it has developed through crowdfunding to finance its projects in several countries around the world. In Kenya, for example, the company provides clean electricity to the Rift Valley Roses flower farm, located near Lake Naivasha north of the capital Nairobi. Since 2019, the Central University in the city of Accra, Ghana, has been powered by a 401 kWp solar power plant installed in partnership with Yingli Namene West Africa.

The Martin Baart-led company has expanded its portfolio of solar power plants by acquiring the assets of Namene Solar West Africa, the subsidiary of the Namene Group, in 2021.

Jean Marie Takouleu

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