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EDFI ElectriFI and REPP invest in renewable energy startup OnePower to bring energy access to 20,000 people in rural Lesotho.

Contract signature date: December 2021

Total ElectriFI financing:  LSL 75m (EUR 44m equivalent)

Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

Project overview:

OnePower Lesotho PTY Ltd has been developing Lesotho’s first solar-battery mini-grid at the village of Ha Makebe in the Berea district, and is now ready to design, procure the equipment, build and operate a portfolio of up to 11 mini-grids for a total capacity of 1,8 MW in rural communities of Lesotho

Funding objective:

The equity-and-debt investment into the project vehicle, Sotho Minigrid Portfolio SPV, will fund the construction of the portfolio of mini-grids in Lesotho. Once built, the mini-grids will provide first-time electricity access to 20,000 people and enable seven health clinics to benefit from renewable energy.

Environmental and social rationale:

ElectriFI is supportive of OnePower business model as it has a positive developmental impact and enables new connections to a high-quality, cost-effective 24/7 AC power in rural Lesotho, while also having positive environmental and economic impacts.

Investment disclosure

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