- Solar PV
- Business model
Investment Name: GVE
Contract Signature date: July 02 2019
Region: Sub-Saharan Africa
Sector: Solar PV
Total ElectriFI Financing: 0.75 M EUR
Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
Funding objective and impact: Purpose of the financing is to finance the construction and operations of rural mini-grids across Nigeria, contributing to the finalization of the First Phase of the Company’s medium term expansion plans which consists in the development and operations of 17 mini-grid sites for a total of 800kWp and about 4,000 new electricity connections.
Why ElectriFI wants to fund this project:
This project perfectly fits with ElectriFI’s mandate of financing new clean and reliable electricity connections in challenging environment.
Environmental and social rationale:
This transaction is rated as B.
The project activities come with potential limited adverse risks associated with labour and working conditions, waste management and health& safety. The company is developing policies and procedures to address the associated risks accordingly.
IFC Performance Standards 1 to 4 might be triggered and addressed accordingly via EHS management plans.