The Sustainable Energy Facility for Africa (Sefa) of the African Development Bank (AfDB) is providing a grant of US$965,000 to Morocco's Société Ingénierie énergétique (SIE) to support its transition to Africa's first Super Energy Services Company (Esco) initiative. The facility will finance energy efficiency in public buildings.
Energy efficiency is an important element in the energy transition in Morocco and elsewhere in Africa. The African Development Bank (AfDB) supports this pillar through its Sustainable Energy Facility for Africa (Sefa). This fund has just allocated 965,000 dollars to the Société Ingénierie énergétique (SIE) of Morocco. The funding is intended to support the public company in its transition to the Energy Services Super Enterprise (Esco) initiative.
This facility channels funds towards public sector investments in energy efficiency. The financing vehicle thus benefits public health care institutions, schools and street lighting. The Super Esco will lay the foundation for further private investment in the commercial and industrial sectors. According to the AfDB, the Sefa grant will provide SIE with operational tools to develop a pool of bankable investment projects in the field of energy efficiency.
“The establishment of Super Esco on the continent will progressively contribute to the expansion and strengthening of the energy efficiency financing ecosystem. The African Development Bank is proud to support the first Super Esco in Africa and looks forward to supporting other projects in the future,” says Jalel Chabchoub, Investment Director and Energy Efficiency Specialist in the AfDB’s Renewable Energy and Energy Efficiency Department.
As a Super Esco, IES should be able to overcome the challenges of increasing energy efficiency investments. It will also open up market opportunities for local Escos, provide quality assurance support and strengthen their reputation with end-users and investors.
Through the grant to the EIS, Sefa is kicking off with energy efficiency investments in Africa. The fund is already investing heavily in green mini-grids that are accelerating the electrification process in rural areas in Africa.
Jean Marie Takouleu