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Empower New Energy

Country
Egypt
Technology
Multiple
Business model
CPP

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.

Contract Signature date: September 2019

Total ElectriFI Financing: USD 3.2 m (equivalent EUR 2.8 million)

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.

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 disclosure

Impact

Number of beneficiaries
216,512
Annual output (MWh/y)
31,840
GHG avoidance (tCO2eq/y)
29,693

Key indicators

Beneficiary
Empower Invest
Financing instrument
Equity
Amount
USD 3.2m
Countries
Ghana, Kenya, and others
Technology
Solar PV and Hydro
Business Model
Small C&I and IPP
Year
2019
Facility
ElectriFI global

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