NDF Launches the EEP Africa 2019 Annual Report

EEP Africa achieved its full operational stride under NDF management in 2019 with a growing portfolio of 45 projects and expanded focus on women in leadership and local entrepreneurs.

“We are so pleased to share this 2019 Annual Report of EEP Africa. It was a year of enhancing EEP Africa’s integration with the NDF climate finance portfolio. We realized some exciting new synergies with other operations as well as new partnerships in energy access.” – Leena Klossner, Vice President and Deputy Managing Director, NDF

In its second full year under NDF management, EEP Africa expanded its active portfolio through a gender-themed Call for Proposals, launched a new debt financing window, and strengthened investment and knowledge partnerships. EEP Africa funding partners also reaffirmed their support with an additional EUR 13.9 million in combined new commitments from Finland and NDF.

“Finland is working to enhance its support to Africa, climate, clean energy, women and jobs. EEP Africa links all of these themes and represents an integral part of our international development financing activities going forward.” – Juha Savolainen, Director of the Unit for Southern and Western Africa, Ministry for Foreign Affairs of Finland

During 2019, the EEP Innovation grant window launched a Call for Proposals promoting gender inclusion and women in leadership across the clean energy sector and attracted 285 applications. The call resulted in new commitments to 18 early stage clean energy companies of which 11 are women-led.

EEP Africa also launched a new financing window, EEP Catalyst, to provide follow-on debt financing to successful companies from the EEP Innovation portfolio, enabling scale up of commercially viable clean energy solutions.

“EEP Catalyst leverages the flexible palette of financing capabilities we have at NDF as well as the incredible insights we have on the close to 250 early stage clean energy companies that have cycled through the EEP Africa portfolio over the years. It is an exciting evolution for the facility and enables us to build on the grant experience and graduate some of the most successful companies to a longer-term lending relationship.” – Charles Wetherill, Fund Manager, EEP Africa, NDF

The Annual Report also acknowledges the unexpected emergence of COVID-19 and its impact on the energy access and SME sectors in Sub-Saharan Africa. EEP Africa remains committed to providing active support to the portfolio with a range of offerings to support companies during the crisis.

“Climate resilience, clean energy, gender and sustainable jobs are at the core of our agenda at NDF. As we set our sights on the 2030 SDGs deadline at the end of this new decade, we will be striving to strengthen all of these aspects through EEP Africa in the years ahead.” – Leena Klossner, Vice President and Deputy Managing Director, NDF

Read more about our portfolio and activities in the EEP Africa Trust Fund Annual Report 2019.

Nordic Development Fund