EEP Africa Kick-starts African Utility Week with its Investor Forum

13 May 2019, Cape Town, South Africa

EEP Africa organised a successful matchmaking session for investors and renewable energy companies in Cape Town on Monday. Held one day before the start of Africa Utility Week (AUW), this event brought together local, regional and global investors and EEP Africa-supported companies to spur follow-on investments in the clean energy sector. Investors representing venture capital, impact finance, private equity, DFIs and financial institutions participated in an afternoon of project pitches, matchmaking and deal flow identification.

 “With this latest Investor Forum, EEP Africa is once again demonstrating its vital matchmaking role in early stage clean energy financing,” proclaimed Leena Klossner, Vice President and Acting Managing Director of the Nordic Development Fund (NDF), in her welcoming address. “EEP Africa is a key piece in NDF’s green growth financing portfolio and strongly demonstrates our readiness to take early stage risk in the clean energy sector in Africa. We are so pleased to see such strong participation from companies and investor partners who share these goals.”

Strong cooperation and partnerships are critical for the clean energy sector to contribute to sustainable green growth and accelerated climate action. Farai Kanonda, Regional Operations Manager for Energy and Infrastructure at the African Development Bank (AfDB) delivered a keynote address to kick off the event, calling for renewed partnerships among the participants in the room and highlighting key AfDB initiatives in the clean energy space including the newly launched Financing Energy Inclusion Off-Grid Energy Fund.

The Investor Forum is an EEP Africa flagship event that brings value to both investors and project developers. Investors looking to identify deal flow opportunities gain access to a pre-screened pipeline of clean energy projects from the broad EEP Africa portfolio. Project developers with proven business models and projects poised for scale-up get the opportunity to start a conversation with potential investors. The Cape Town Investor Forum brought together 40 investors and project developers to unlock additional investments in the renewable energy sector in Africa.

EEP Africa Presents its New Project Portfolio

A diverse portfolio of 28 new projects are being funded by EEP Africa in 2019.

EEP Africa received a total of 530 applications in its 14th Call for Proposals. The proposed projects covered a variety of renewable energy technologies and business models across Southern and East Africa. At the end of the highly competitive evaluation process, 28 early stage clean energy projects were selected for funding and began implementation in early 2019.

EEP Africa’s diverse new portfolio is presented in a booklet that introduces the projects and their respective project developers. The portfolio includes projects in 13 countries that are piloting and disseminating the latest technologies in biogas, cookstoves, hydropower, solar PV, solid biomass, waste-to-energy and wind power. The projects range from feasibility studies to scale-ups of successful models, from individual home systems to power plants that feed into the national grid.

These projects are the first to be funded under EEP Africa’s new trust fund structure, which aims to contribute more directly to achievement of the Paris Climate Agreement and the Sustainable Development Goals (SDGs). All the projects will be monitored and evaluated based on six key impact indicators: Savings on energy-related expenditure (SDG 1); Women in leadership (SDG 5); People with enhanced energy access (SDG 7); Direct job creation (SDG 8); Mobilised climate finance and CO2e emissions reduced or avoided (SDG 13).

EEP Africa is proud to support the innovative projects in its new portfolio and will work closely with the project developers over the coming months and years to facilitate sustainable and inclusive business growth, with a focus on benefitting poor, vulnerable and underserved groups.

Download the EEP Africa Project Portfolio 2019 booklet here.

Since 2010, EEP Africa has channeled more than EUR 70 million to 250 pioneering projects. These projects have created over 10,000 jobs, improved clean energy access for over 5 million people, and reduced or avoided 1.6 million tonnes of CO2e. EEP Africa is hosted by the Nordic Development Fund (NDF) with funding provided by Austria, Finland and NDF.