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Empower New Energy

Business model

Together with Norfund and others, ElectriFI contributed to the first closing of Empower Invest, a facility targeting majority ownership in CPP projects and small scale IPP projects, mainly in Subsaharan Africa. ElectriFI committed to USD 3.2 million.

In December 2023 ElectriFI participated with USD 400,000 in a USD 4 million shareholder loan, alongside Series B Investors. 

Contract Signature date: September 2019 and follow on December 2023

Total ElectriFI Financing: USD 3.2 m (equivalent EUR 2.8 million) + follow on USD 400,000

Environmental and Social Category: B

(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

About the project:

ElectriFI committed USD 3.2 million to finance Empower’s initial pipeline of projects in Kenya, Ghana, and few other countries. Co-investors in the first round are Norfund and a number of Norwegian private investors, while a number of other larger investors is being lined up for a second larger capital raise already.

Since 2019 Empower New Energy, a solar platform investment company raised its first capital of USD 7.9 million in 2019 from ElectriFI – managed by EDFI Management Company, Norfund, and 12 private investors, and a subsequent USD 70 million Series B round end of 2022 frm CFM, Norfund and Janeiro Energy. The company is targeting over 100MW of renewable energy investments in the next 2 years.

Empower Invest is the first investment platform set up by Empower New Energy, designed to take majority equity stakes in renewable energy-based Commercial & Industrial (C&I) and small Independent Power Producers (IPP) projects. Empower aims to unlock small IPP and mid-size C&I projects by entering into a partnership with local and international developers during late-stage development phase to increase bankability of the projects, and subsequently provide equity to fully cover project-level construction costs. After initial operating period, the projects will be refinanced with debt at portfolio level. Regional focus for the moment is on East- and West-Africa and Empower offers local presence in Nairobi and Accra.

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Investment disclosure1

Investment disclosure2


Number of beneficiaries
Annual output (MWh/y)
GHG avoidance (tCO2eq/y)

Key indicators

Empower Invest
Financing instrument
USD 3.2m
Ghana, Kenya, and others
Solar PV and Hydro
Business Model
Small C&I and IPP
ElectriFI global

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