- Solar PV
- Business model
EDFI ElectriFI invested a total of EUR 1.5m split (under the Benin Country Window) for EUR 500,000 into equity alongside Gaia Impact Fund and for EUR 1m into convertible notes together with Triodos Investment Management.
Contract signature date: May 2021
Total ElectriFI financing: EUR 1.5 m
Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
MyJouleBox is specialised in the commercialisation, installation and maintenance of PV solutions in Benin. Since its inception in 2012, the company sold > 27,000 systems for total installed capacity of > 1.3 MWp. MyJouleBox is now looking at strengthening its market position in Benin and expanding into Burkina Faso and Togo.
EDFI ElectriFI invested a total of EUR 1.5 m in MyJouleBox alongside other financiers with the aim to create 31,000 new connections offering a sustainable, reliable source of energy to 155,000 beneficiaries. With the funding, the company plans to recruit 200 new staff.
Why ElectriFI wants to fund this project:
EDFI ElectriFI’s investment aims to support a key off-grid player in West-Africa and to create high long-term impact via sustainable and affordable energy solutions.
Environmental and social rationale:
The E&S risk category of the transaction has been classified B. Activities come with limited adverse risks associated with labour and working conditions. Battery disposal/recycling is currently the main concern regarding e-waste management. IFC Performance Standards 1 to 3 can be triggered. The company is currently updating the HR policy and the waste management policy.
- Number of beneficiaries
- 155 000
- Annual output (MWh/y)
- GHG avoidance (tCO2eq/y)
- 41 456
- Financing instrument
- EUR 1.5m
- Solar PV
- Business Model
- Solar Home Systems
- Country Window Benin