ElectriFI supports Redavia's expansion in Ghana's C&I sector
Solar technology company REDAVIA and ElectriFI have signed a USD2m financing agreement to support REDAVIA’s expansion in Ghana’s industrial and commercial sector, offering affordable, reliable and clean power generated through modular solar farms.
REDAVIA is an energy company that offers solar power for businesses and communities with a regional focus on West and East Africa. The Germany-headquartered company with subsidiaries in Ghana, Kenya, Tanzania, and Luxembourg has a proven track-record in solar farm design, manufacturing, deployment and maintenance, and targets the local business community including agro-foods processing, manufacturing, public infrastructure, and hospitality & real estate companies.
In order to further expand the leasing of solar assets in Ghana, REDAVIA Global Asset SCA secured a USD2m debt financing from ElectriFI to be invested in Ghana in conjunction with the recently signed USD4m innovative debt financing deal from responsAbility Investments AG.
The REDAVIA solar farm is based on a pre-configured system, consisting of high-performance solar modules and high-quality electrical components. It is easy to ship, set up, scale and redeploy. Flexible lease agreements allow customers a cost-effective, reliable and clean energy solution with just a minimal upfront investment, and operational adaptability to market changes.
REDAVIA solar power enables a seamless integration into the existing electricity supply infrastructure of a business or community to ensure a more cost-effective and cleaner energy mix – with diesel generators, in a battery set-up or as a reliable complement to grid-connected power. As such, REDAVIA is supporting the reduction of carbon emissions and increasing the impact on a sustainable society.
Dominiek Deconinck, ElectriFI Fund Manager, declared: “We are delighted to partner with REDAVIA to bring reliable, affordable and clean electricity to the local business community in Ghana. REDAVIA’s solar farm and lease arrangements show high flexibility and levels of performance. We are thrilled to be part of the journey.”
“The investment will bring around 15 MWp of solar PV assets to commercial and industrial off-takers such as educational institutions, agro-foods processing and manufacturing companies in Ghana,” elaborated Quentin Antoine, Senior Investment Officer at ElectriFI.
“We are very proud of our footprint in Ghana so far and the benefits that we are able to deliver to our customers,” stated Erwin Spolders, CEO and Founder of REDAVIA. “ElectriFI’s funding will be a stepping stone towards the international expansion of our successful delivery model in Ghana. ElectriFI’s trust and support are therefore equally an acknowledgement and an obligation to make even further strides and expand our position in the country and beyond.”
ElectriFI, the Electrification Financing Initiative, is an impact investment facility with a mandate to invest in on- and off-grid early stage private companies and projects focusing on new/improved connections as well as on generation capacity from renewable energy sources in emerging markets. Typical business models include solar home systems, mini-grids, IPPs and captive power production. Core investors are the European Commission and Power Africa.
ElectriFI and its sister-fund AgriFI, are managed by EDFI Management Company NV in close association with the 15 European Development Finance Institutions (EDFI) as well as many other like-minded investors.
REDAVIA offers solar power for businesses and communities in West and East Africa. The REDAVIA system is based on a pre-configured model, including high-performance solar modules and electrical components. It is easy to ship, set up, scale and redeploy. Businesses and communities benefit from a cost-effective, reliable, clean energy solution with minimal upfront investment or technical skills. Find out more on www.redaviasolar.com.