AECF Sets up $ 8.5m Grant in Support of Renewable Energy Companies Active in Somalia and Somaliland

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AECF Sets up $ 8.5m Grant in Support Renewable Energy Companies Active in Somalia and Somaliland

Somalilandsun: In 2019, the AECF began funding up to $ 20 million for the distribution of solar home installations in 5 countries. This year, it is $ 8.5 million in grants it will allocate to companies active in the solar off-grid in Somalia and Somaliland.

This year the Africa Enterprise Challenge Fund (AECF) has launched a grant facility with an envelope of $ 8.5 million to support renewable energy companies active in Somalia and Somaliland. The launch of this facility is part of the REACT Subsaharan program which aims to reduce poverty through the progressive transformational use of renewable energies.

“The Somali market represents a unique opportunity for us and other development partners to change reliance on diesel-powered mini-grids by facilitating the use of renewable energy. To achieve this, stimulating market growth and engaging the private sector in the renewable energy value chain is paramount, “said Victoria Sabula executive director of AECF.

11 million Somalis do not have access to electricity according to World Bank data and only 3% of the population uses clean cooking facilities.

“We are looking to work with companies that are at different stages of their development, especially those that are just starting out. In addition to funding, we will provide technical support, partner networks and investment facilities, ”the official continued.

Victoria Sabula executive director of AECF

The program mainly targets private sector companies and active microfinance institutions. It plans to facilitate access to electricity for 300,000 people. Interested organizations have until January 22 to apply.

For more information visit: http://www.AECFAfrica.org/react-ssa-somalia

About AECF:

The Africa Enterprise Challenge Fund (AECF) (http://www.AECFAfrica.org ) is a leading development finance organisation that supports businesses to innovate, create jobs and leverage investments in order to create resilience and sustainable incomes in rural and marginalised communities in Africa.

Launched in 2008, AECF has invested in 292 businesses across more than 40 value chains and 26 countries in sub-Saharan Africa. We focus specifically on agribusiness, renewable energy and climate technologies, while also addressing the cross-cutting themes of gender, youth and fragile contexts. In just over a decade, we have impacted more than 27.7 million lives, created close to 24,000 jobs, and leveraged over US $740 million in matching funds. AECF is headquartered in Kenya, with offices in Côte d’Ivoire and Tanzania.

 

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