PENDING CONTRACTING: the investment proposal has received final approval and now is entering into the contracting phase. The information as disclosed is thus indicative and provides a basis for general informational purposes only. It should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing, prior to final decision. This proposed investment is online for 30 days. In case of questions, please contact us at firstname.lastname@example.org
Investment name: Redavia FO
Publication date: 23 July 2021
Country: Kenya and Ghana
Initiative: Kenya Country Window (new commitment only)
Sector: Solar PV
Total ElectriFI Financing: Follow-on investment of US$ 2,000,000, equivalent to EUR 1,675,000; and roll-over of outstanding amount of US$ 1,095,000, equivalent to EUR 920,000
Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
REDAVIA offers rental solar power for businesses. REDAVIA de-links economic growth and energy production from fossil sources by proposing a solution to supplement electricity from the national grid and diesel generator. It leads to a reduced power bill and environmental footprint for C&I off-takers. REDAVIA offers several modular solar energy products which include ground-mount solar, roof mount solar, car port solar, and energy storage. Businesses benefit from a cost-effective clean energy solution without the need for upfront investment or technical skills, supporting the reduction of carbon emissions and increasing the impact on a sustainable society.
EDFI ElectriFI’s loan to REDAVIA’s Global Solar Funding Platform, aims at providing a scalable funding model for a portfolio of C&I Solar Units in Ghana and Kenya. Estimated 24.8MWp of assets supplementing or replacing weak grids that help reduce reliance on diesel fuel resulting to 9,528 tons of carbon avoidance yearly by 2026.
Why ElectriFI wants to fund this project:
REDAVIA plays a catalytic role in bringing solar PV solutions to medium-sized enterprises; It revolutionizes the energy access and brings strong economic benefits for the off-takers while supporting the reduction of carbon emissions.
Environmental and Social Rationale:
This investment is categorized as B (medium risk). Activities come with limited adverse risks associated mainly with waste management and labour conditions. IFC Performance Standards 1 to 3 can be triggered. The company has developed an EHS framework which is currently being implemented.