EDFI ElectriFI wins ARE Award for 'Best De-Risking & Finance Scheme'
EDFI ElectriFI amongst the winners of the ARE Awards 2020.
EDFI ElectriFI, the Electrification Financing Initiative, is an impact-first investment facility, investing in early stage private companies and projects that increase or improve access to and supply of sustainable energy in developing countries. EDFI ElectriFI is managed by the EDFI Management Company and funded by the European Union.
The ARE Awards 2020 pay tribute to the most effective initiative and/or project implemented across six categories, as a means to highlight the clean energy access results achieved by the most passionate and innovative actors in the sector, as well as to further increase their impact by sharing latest knowledge to new stakeholders. Universal, reliable, affordable, and sustainable energy access for all is essential to empower people worldwide to decide the course of their lives – be it through education, health and socio-economic development.
After careful analysis of the 77 applications received, the ARE Jury, formed by volunteering experts from AfDB, IRENA, GET.invest, REEEP, REN21, SACREEE, SEforALL TAF and UNIDO) and led by Claudio Pedretti (ARE President) as chair, is delighted to make the final results public to the world.
In the category ‘Best de-risking and finance scheme’, EDFI ElectriFI notably presented how it supported PEG Africa’s ambition to equip 150+ million people with access to electricity in West Africa. The junior tranche subscribed to by EDFI ElectriFI de-risked the senior lenders and helped catalyze them therefore enabling the company to further grow its footprint in Ghana and Côte d’Ivoire. EDFI ElectriFI provided 20% of the financing required by the company to grow its customer base up to around 128,000 customers, meaning providing access to electricity to more than 640,000 people.
“It is an honour for EDFI ElectriFI to be awarded for the ‘Best De-Risking & Finance Scheme’ by ARE. EDFI ElectriFI investments indeed rely on a strategic and entrepreneurial approach to help attracting additional financing for promising companies like PEG Africa. Thanks to our innovative and flexible financing instruments, we contributed to strengthen the company’s risk profile, allowing it to access more traditional financing to fund its growth in West Africa, “ explained Dominiek Deconinck, EDFI Management Company Chief Investment Officer and EDFI ElectriFI manager.
The ARE Awards 2020 Ceremony will take place at the 6th ARE Energy Access Investment Forum in Lusaka (Zambia). Originally planned for 18-19 March 2020, the event will now take place on 23-24 September 2020 in response to COVID-19.
2020 winners by category:
- Category 1. Multilateral / International Organisations: IDCOL – Solar Mini-Grid Projects (Bangladesh)
- Category 2: Public Bodies & Non-Profit Organisations: We Care Solar – Light Every Birth (Liberia, Uganda, Zimbabwe, Sierra Leone)
- Category 3: Win-Win Partnerships: Mlinda – Rural Electrification Project (India)
- Category 4: Best De-Risking & Finance Scheme: EDFI ElectriFI (multiple countries)
- Category 5: Best Start-Up: ANKA Madagascar – Agribusiness Energy Nexus Business Model (Madagascar)
- Category 6: Best Women Empowerment Initiative: EarthSpark International – Scaling Smart, Solar, Energy Access Microgrids (Haiti)
Marcus Wiemann, Executive Director of Alliance for Rural Electrification: “We would like to thank all applicants, which have made this year’s ARE Awards a real competition amongst the most important players committed to making universal energy access a reality by 2030 for the remaining 840 energy deprived people, mostly living in rural communities. Once more, and in respect of the new-established categories covering Women Empowerment, De-Risking and Financing Schemes and Win-Win Partnerships, we have been really impressed by the passion expressed and quality of the applications received from all Awards participants from all around the world. We are hopeful that these award-winning solutions will serve as solid best practice examples for new projects coming in the near future!”