AfDB, GEF, others in $55m off-grid energy investment

A consortium comprising the African Development Bank Group (AfDB), Nordic Development Fund (NDF); multilateral donor trust fund, Global Environment Facility (GEF); and investors, Calvert Impact Capital (CIC), are partnering to invest $55 million into off-grid energy.

Others in the partnership are the joint development and climate finance institution of the five Nordic countries of Denmark, Finland, Iceland, Norway, and Sweden.

Last December, the AfDB’s board approved a $30 million investment in the Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI OGEF). This follows the approval of additional investments of $10 million from CIC, $8.5 million from the GEF and €6 million from the NDF. In addition, the NDF will provide a €0.5-million grant for technical assistance to support deal structuring and capacity development.

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