Renewable energy provider, Empower New Energy has received a guarantee from the African Guarantee Fund for Small and Medium Enterprises (AGF) to support expansion in Africa.
The project is funded by the Norwegian Agency for Development Cooperation (NORAD). The exact value of the guarantee was however not stated in a release issued yesterday by the AGF.
Empower New Energy new projects include the financing the installation of clean power generation systems for commercial and industrial (C&I) customers in Africa.
About two years ago, the company committed to equipping the Premium Poultry Farm in Abuja, Nigeria, with a solar photovoltaic system. The 700kwp plant was built by Rensource Energy, a company based in Lagos, Nigeria.
Empower has assets in Rwanda, Egypt and Ghana. According to AGF, the recent guarantee will finance a 700kwp rooftop solar plant for Miniplast, a Ghanaian company that specializes in recycling plastic waste.
“As Empower grows this year, the combination of our unique investment model with AGF’s equity guarantees will reduce risk and help provide cheaper, more reliable energy to even more businesses in Africa,” says Terje Osmundsen, Empower’s CEO and founder.
As it expands its operations in Africa, the renewable energy provider is also leveraging Empower Invest.
Launched in September 2019, this $50 million alternative investment fund (AIF) is funded by several development partners, including Norfund, a private equity firm of the Norwegian government, or Electrification Financing Initiative (ElectriFI), an investment fund owned by the European Union (EU), and whose goal is to support the private sector in providing electricity in unserved areas.
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