ElectriFI Empowers Sustainable Energy Access: Announces Second Disbursement in FinEU ELLEN Investment for Mali
BRUSSELS, 9. January 2024 – ElectriFI, the impact-first investment facility managed by EDFI Management Company, announced today the second disbursement of EUR 1.5 million in its strategic investment in FinEU ELLEN. Totalling EUR 4 million, the investment underscores ElectriFI’s pledge to addressing energy poverty, spurring economic development, and empowering communities in the Sahel region through sustainable energy access.
The collaboration benefits the rural Mali population, which faces daunting challenges around energy access. FinEU ELLEN, with its innovative approach led by E-Long Life Energies Nouvelles (ELLEN), specialises in providing large Solar Home Systems (HES) with capacities of up to five kilowatts and customized solutions for commercial and industrial needs. The company’s operations under the brand ’E-Longlife solution’ target middle-class households, farmers, and commercial and industrial clients in the Sahel region.
FinEU ELLEN CEO Vincent Monteux sees a vast upside from the continued support by ElectriFI, stating: “This second disbursement forms a crucial step in scaling up the access of productive electricity for the poorest rural areas in Mali and beyond. Energy solutions matter greatly; so too positive impacts created among vulnerable populations. Our work addresses the unique needs of these communities, ensuring that our initiatives lead a boost to their long-term livelihoods.”
Part of ElectriFI’s EUR 4 million investment, the disbursement to FinEU ELLEN faced delays due to the COVID-19 pandemic and political crises in Mali. The first part of the loan, valued at EUR 2.5 million, was disbursed in April 2023. ElectriFI confirms the anticipated second tranche of EUR 1.5 million. Shareholders have already advanced USD 4 million to accelerate the deployment of 1,940 kits in Mali. ElectriFI’s investment is instrumental in reimbursing shareholder’s loan and advancing the deployment of sustainable energy solutions.
Rodrigo Madrazo, Chief Executive Officer of EDFI Management Company, emphasised the transformative potential of ELLEN initiatives, stating: “As we continue our investment in FinEU ELLEN, our focus remains on supporting entrepreneurs who have direct local access and an intricate understanding of the challenges on the ground. ELLEN’s solution has been tested, proven. It actively improves the lives of the rural population in the region. With our financial support, our aim is to help them to widen their reach, enabling them to touch the lives of many more swathes of people in need. Empowering local initiatives bring sustainable solutions to communities, creating lasting, positive impact.”
The join-up between ElectriFI and FinEU ELLEN promises profound impact on livelihoods, socio-economic well-being, and environmental sustainability in Mali and other regions facing similar challenges.
About EDFI ElectriFI:
The Electrification Financing Initiative – ElectriFI – managed by EDFI Management Company, is an impact-first investment facility, funded by the European Union. ElectriFI is dedicated to investing in early-stage private companies and projects that increase or improve access to and supply of sustainable energy in developing countries.
About FinEU – ELLEN – E-Longlife:
E-Longlife is the first private supplier of clean, individual and sustainable electricity with no daily power cuts for all economic, agricultural, industrial and household activities in Africa’s fragile countries. Customers and subscribers sign up to 10-year renewable contracts. Using an innovative model that is 100% de-risked for investors, 80% of subscribers are now generating new income thanks to E-Longlife’s services. With a strong presence in sub-Saharan Africa and more than 3 million beneficiaries over the next 5 years, E-Longlife will enable the development of tens of thousands of direct and indirect jobs, and equip hundreds of schools, health centres, businesses, industry, productive associations, small farmers and livestock breeders. E-Longlife currently addresses 14 of the 17 United Nations Sustainable Development Goals and is a major player in decarbonisation in Africa by replacing thousands of the most polluting small generators with solar power.
For more information contact:
Natasa Lakovic, n.lakovic@edfimc.eu