The EU-funded, Electrification Financing Initiative (EDFI ElectriFI), is providing solar appliance developer, Amped Innovation, with a $6 million revolving working capital facility to support the company’s activities in Africa – $4 million in funding will be provided by EDFI ElectriFI’s global facility, while the remaining $2 million will come from the funding initiative’s Nigeria Country Window.
The California-based Amped Innovation designs and supplies low-cost solar home systems and appliances to off-grid markets in Southeast Asia and Africa, offering reliable energy solutions to low-income regions, with Nigeria serving as one of the company’s primary markets.
With aims to accelerate access to renewable energy across the west-African country, the partnership is supported by the Government of Nigeria and its EU Delegation. Amped Innovation will also receive advisory and facilitation services from the EU’s GET.invest program, which supports renewably energy investment in developing countries.
ElectriFI Senior Investment Officer at EDFI Management, Natalia Svarinska stated, “This working capital facility is the first such instrument offered by ElectriFI. By financing Amped Innovation’s working capital needs, our debt financing will allow the company to use its cash resources on research and development and other corporate needs.”
“The EDFI working capital facility will accelerate Amped’s deployment of energy access solutions into over 20 countries across Africa and Southeast Asia,” said co-CEO at Amped Innovation, Andrea Kleissner, concluding, “with each new customer order, Amped can draw on the EDFI facility to finance inventory purchasing.”
EDFI ElectriFI has estimated that the facility will provide Amped Innovation the capability to provide over 500,000 people, mainly in Africa, with renewable electricity.
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