Investment name: Sunkofa SAS
Publication date: 16 Dec 2020
Total ElectriFI Financing: 1.5 m EUR
Region: Sub Saharan Africa
Country: Benin / Sub Saharan Africa
Sector: Developer and operator of solar hybrid mini-grids
Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
Sunkofa is a young developer and operator of rural mini-grids in Sub-Saharan Africa. Sunkofa has been awarded the Millennium Challenge Corporation (MCC) grant for a 40 mini-grid projects in Benin. The project is to start construction in 2021 and expected to attain commercial operations in 2022. In addition to Benin, Sunkofa has a strong pipeline of projects in West and East Africa.
ElectriFi 1.5 m EUR equity investment will finance a portion of the construction costs in Benin, as well as provide funding for further mini-grid development.
Why ElectriFI wants to fund this project:
ElectriFi funding will contribute to the much-needed development capital in the mini-grid sector. ElectriFI investment will provide strong additionality due to small ticket size and early stage of the company.
Environmental and Social Rationale:
The investment is categorized as B. Activities come with potential limited adverse risks associated with waste management and labour conditions. IFC Performance Standards 1 to 4 may be triggered. Risks and impacts will be addressed accordingly through Environment, Health and Safety (EHS) management plans and procedures.