It is an initiative that will support women’s entrepreneurship in Africa and at the same time promote renewable energy. The Renewable Energy Performance Platform (REPP), a platform managed by Camco Clean Energy and dedicated to the financing of renewable energies, has issued a call for expressions of interest to finance renewable energy projects run by women on the African continent.
The objective is to help them develop their projects that will contribute to improving access to energy, one of Africa’s greatest current challenges. But women have difficulty obtaining funds to finance their initiatives. Yet, according to a recent report by Global Entrepreneurship Monitor, an organisation that promotes entrepreneurship, there are currently 250 million women entrepreneurs worldwide. Many of these women are in Africa. The financing of their project could contribute to the emergence of the African continent.
Technical and financial support from REPP
“By focusing on women in particular, the REPP, funded by the UK government, aims to channel funding sources to help create equal opportunities for women in the rapidly expanding renewable energy sector on the continent,” explains the REPP. To participate in its call for projects, it must be a private entity owned by a majority or managed by women. This entity must have a renewable energy project under development.
REPP also wants to finance projects run by private entities whose objective is to promote women’s economic empowerment by enabling the productive use of energy for women as end users. This category of companies must promote access to financing for women entrepreneurs for their renewable energy projects.
Companies interested in this call for projects have until January 15, 2020 to apply. “Successful applicants will benefit from a range of financing and support services tailored to their particular situation and needs, from technical assistance and capacity building to development loans, gap financing and access to risk mitigation instruments,” says REPP.
REPP’s future investments should enable it to increase its project portfolio in Africa. Overall, the £148 million ($190.3 million) platform funded by the UK government’s International Climate Finance is increasing its investments in off-grid suppliers, including rural electrification.
In Nigeria, for example, the REPP has opened a $10 million line of credit to PAS Solar, a British company that distributes solar kits in rural. The Electrification Financing Initiative (ElectriFI), an investment fund that supports the private sector in providing electricity in underserved areas, also contributes to the supply of this credit line.