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.
Contract Signature date: September 2019
Total ElectriFI Financing: USD 3.2 m
Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
About the project:
EDFI 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.
- Number of beneficiaries
- Annual output (MWh/y)
- GHG avoidance (tCO2eq/y)
- Empower Invest
- Financing instrument
- USD 3.2m
- Ghana, Kenya, and others
- Solar PV and Hydro
- Business Model
- Small C&I and IPP
- ElectriFI global