ElectriFI launches a €10m Renewable Energy Investment Scheme in Côte d’Ivoire
ElectriFI, the EU-funded energy access impact investment facility, launched a EUR 10 million country window dedicated to the Ivorian renewable energy market. ElectriFI global country windows are managed by the Brussels-based EDFI Management Company, the fund manager of the 15 European Development Finance Institutions.
In line with the Paris Agreement, Côte d’Ivoire announced the reduction of its greenhouse gas emissions by 28%. In addition, the Ivorian government intends to complete electrification of the country by 2025. This EUR 10 million investment is aligned with those ambitions. It not only aims to empower investors and entrepreneurs active in the nascent Ivorian renewable energy market but also to catalyse new sources of funding.
As highlighted by Dominiek Deconinck – ElectriFI Fund Manager – and Jean-Denis Collin – ElectriFI Senior Investment Officer – during the 5th Energy Access Investment Forum in Abidjan, this new capital will target both the off-grid and on-grid sectors, with an unmatched flexibility in terms of financing, offering both equity and debt financing. In Côte d’Ivoire, ElectriFI will mostly apply to projects leading to new and improved connections to electricity for populations living in under-served and remote areas. Sustainable and economically viable agri-biomass projects as well as urban captive power producers servicing commercial and industrial off-takers are also to be part of the dedicated strategy for the country. By 2022, this investment aims to connect thousands of households and local businesses to reliable, affordable and clean sources of electricity. It is also expected to generate new business opportunities. Finally, other financiers will benefit from ElectriFI’s guiding principles of additionality and neutrality; helping de facto de-risking and attracting private investments in the Ivorian renewable energy market.
This EUR 10 million country window is one of the first to be launched by ElectriFI which is currently developing the pipeline of investments. Concrete transactions are scheduled in 2020.