ElectriFI 2022 Annual Report
I am humbled and excited to be the one to launch the ElectriFI 2022 Annual report in the name of an organization that is dedicated to transforming the energy landscape in developing countries and that has the pleasure to successfully work with the European Development Finance Institutions (EDFIs). Having joined EDFI Management Company in November 2022, I am deeply impressed by the remarkable work that has been done by the Company and the support of the EDFI network and the European Commission itself.
ElectriFI, an impact-first investment facility funded by the European Union and managed by the company I am proud to represent, embodies a vision that resonates profoundly with me. Our mission is clear and unwavering: to accelerate the development of businesses that provide access to clean and affordable energy to millions of people by 2030. As we publish this report, we recognize the urgency of this mission.
In a world where millions of households still lack access to electricity, especially in regions like Sub-Saharan Africa, the generation capacity falls short of ensuring the United Nations 2030 Goals. The financing gap is daunting, and the need for new connections is pressing. We are committed to addressing these challenges head-on, hand in hand with our partners, particularly the European Union.
We uphold universal access to affordable and renewable electricity as the main guiding principle. Our approach is rooted in the concept of blended finance, like our work with AgriFI. This innovative model relies on EU funding to invest in local markets in developing economies and fragile states, where the need for sustainable energy solutions is acute. By combining technical assistance and venture capital, ElectriFI can take greater risks than other investors. Our activities de-risk investments and allow private investors and Development Finance Institutions (DFIs) to deploy capital that they could not have invested otherwise.
The ripple effects of our investments extend far beyond the mere provision of electricity. Access to clean and affordable energy has profound implications for poverty alleviation and sustainable development. It is a catalyst for economic growth, improved healthcare, and enhanced education. It is a cornerstone for building resilient communities and mitigating the impacts of climate change. In essence, it illuminates the path to a brighter and more sustainable future.
As we launch the ElectriFI Annual Report for 2022, I invite you to journey with us through the transformative power of blended finance investments in underserved geographies. Together with our shareholders, the EDFIs, and our partners, especially the European Union, we are lighting the way to cheap and clean energy. We are addressing not only the immediate challenges of energy poverty but also laying the foundation for sustainable development that will endure for generations to come.
In closing, I want to express my heartfelt appreciation to the dedicated team at ElectriFI, my colleagues at EDFI Management Company, and all our partners who have tirelessly worked towards our shared mission. Together, we are making a tangible difference in the lives of millions of people, and together, we are forging a path toward universal energy access and a sustainable future.
Read the full report here.
Rodrigo Madrazo
CEO, EDFI Management Company