European Investment Bank (EIB) has provided $25m in financing with d.light design to strengthen access to energy in Africa via solar kits that do not require a grid via a pre-payment system.
This EU financing will enable d.light design to develop the installation of solar kits – including not only panels and lamps but also low-energy equipment (radios, TVs, etc.) – in sub-Saharan Africa with the ambitious goal of reaching 10 million solar installations within five years.
“I am delighted that the EIB has signed this new financing with d.light in Africa for an off-grid solar project that will have a major economic and social impact on people and micro-entrepreneurs,” said EIB Vice-President Ambroise Fayolle.
The bank says its determined to implement the Paris climate agreement and to cooperate to achieve the sustainable development goals, particularly when it comes to ensuring access to affordable, reliable and sustainable energy for all. Apart from its unique technical and financial expertise in solar projects, the EIB will mobilise new investments to develop renewable energies in Africa.
The installation of these off-grid solar systems with d.light will initially take place in Ethiopia, Kenya, Nigeria, Tanzania and Uganda.
The Bank also confirmed that it would be significantly expanding its activities in support of solar energy in developing and emerging economies. Since 2002, the EIB has allocated EUR 6.3bn to financing solar projects, with 50% going to emerging and developing economies.
The EIB has fostered an outstanding long-term partnership with the African continent. Since its creation by the Treaty of Rome and the beginning of its operations in Africa, the EU bank has invested around EUR 25bn in support of more than 1 300 public and private sector projects, helping to revitalise companies and improve day-to-day living standards.
The EIB has intensified its investments since 2014, with the signature of EUR 8.8bn in new financing to support infrastructure and the private sector across the African continent.