EEGF Announces 3 New Investments Totalling $10m & $6.6m AfDB Loan Agreement to Support African Energy Access Enterprises
29 September 2021 – The Energy Entrepreneurs Growth Fund (EEGF) has completed its first three investments into distributed renewable energy (DRE) companies working in Sub-Saharan Africa, and signed a concessional loan agreement with the African Development Bank (AfDB) that allows the fund to continue releasing flexible capital into the sector, which is making a critical contribution to expanding energy access whilst addressing the climate challenge.
The EEGF was created in 2019 by UK charity Shell Foundation, co-funded with UK aid from the UK government, and the Dutch Entrepreneurial Development Bank FMO, to provide financing to early and growth-stage companies operating in the access to energy ecosystem in Sub-Saharan Africa.
Managed by Triple Jump and advised by Persistent, EEGF is designed to provide patient, flexible capital combined with technical assistance that is currently lacking in the DRE ecosystem. By predominantly providing mezzanine structures as well as equity and debt investments through tailored solutions it is able to meet the changing needs of growing DRE companies working to achieve Sustainable Development Goal 7 (“Ensuring access to affordable, reliable, sustainable, and modern energy for all”) by 2030.