Investment Name: UpOwa SAS
Region: Sub Saharan Africa
Sector: Solar PV
Total ElectriFI Financing: 3m EUR
Environmental and Social Category: C
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
UpOwa is an off-grid energy company distributing solar home systems using pay-as-you-go technology and is the first mover and currently the leader in Cameroon. UpOwa operates a lease-to-own model where the buyer pays an upfront fee and then a monthly leasing fee based on an 18 to 24-month contract period.
Funding objective and impact:
ElectriFI will support the expansion in Cameroon.
Why ElectriFI wants to fund this project:
UpOwa plays a catalytic role in bringing solar PV solutions to rural population in Cameroon.
Environmental and social rationale:
The E&S risk category of the transaction has been classified as C.
Activities come with limited adverse risks associated with waste management and battery disposal.
IFC Performance Standards 1 to 3 can be triggered. These are expected to be mitigated appropriately via the Environmental and Social Management Plans of the company.
Key E&S risks and issues associated with this project include: the company’s capacity and systems to manage EHS and safety aspects during construction and operation in compliance with legal requirements as well as IFC Performance Standards (PSs).