DBSA invests in Ignite Moçambique
Ignite Moçambique is a partnership between Ignite Power and Source Capital, ALER’s Member, that was established with the purpose of deploying solar home systems (“SHS”) in rural Mozambique.
The Development Bank of Southern Africa (“DBSA”) announced at the Global Off-Grid Solar Forum & Expo 2020, that it has committed project funding to Ignite Moçambique and will also be the lead arranger for the debt funding for the Project, targeted to connect 1.8 million people to clean, sustainable power.
According to World Bank data, over 70% of the country’s population is living without electricity in their homes, a challenge that is hindering economic prosperity, proper education, and leads to massive health and fire hazards. Ignite Moçambique’s aim is to facilitate the implementation of sustainable development activities in support of rural economic development and poverty alleviation in the country. By utilizing the most accessible resource - sunlight, the company is providing customers with clean, sustainable and safe power for the first time.
Ignite Moçambique has leveraged Ignite Power’s past experiences across Africa to support the Government of Mozambique’s - Energy For All Program, aiming to deploy 300,000 SHS as part of an Implementation Agreement in collaboration with the Ministry of Energy - Ministério dos Recursos Minerais e Energia (“MIREME”) and Fundo de Energia and Ministry of Finance (“FUNAE”). In addition to providing millions of people with household electricity, the current project is also expected to create thousands of jobs in the rural communities.
Read the full press release here.
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