Sotho Minigrid Portfolio SPV PTY LTD

Sotho Minigrid Portfolio SPV PTY LTD

Investment name: Sotho Minigrid Portfolio SPV PTY LTD

Publication date: 17 Nov 2020

Website: https://1pwrafrica.com

Total ElectriFI Financing: LSL 85m (equivalent to EUR 4,3 m)

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 looking to design and 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:

ElectriFI contemplates an investment in “Sotho Minigrid Portfolio SPV”, the SPV in charge of the project, alongside other financiers with the aim to allow for some 7.300 new connections offering a sustainable, reliable and affordable source of energy to 27.000 beneficiaries in the rural regions of Lesotho.

Why ElectriFI wants to fund this project:

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.

Environmental and Social Rationale:

This investment is categorised as B.

Construction and operation activities come with potential limited adverse risks, associated with waste management and labour conditions.  IFC Performance Standards 1 to 4 may be triggered. One Power has developed an Environmental Social Management System (ESMS) consistent with the level of risk of the overall activities of the company. Environmental and Social Management Plans (ESMP) will be implemented at each site.

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