EDP Renováveis, part of the EDP Group and member of ALER, is demonstrating its commitment to support and finance sustainable, clean energy and energy access projects.
EDP will support six sustainable and clean energy projects in East Africa through the A2E (Access to Energy) CSR Fund. In this first phase, 450 thousand euros will be invested in the promotion of access to energy in remote rural areas without connection to the electricity grid, aiming to alleviate energy poverty in developing countries. These initiatives will impact 55 thousand people, of whom ten thousand will be impacted directly. To know more about the projects read the Observador's article.
In addition to supporting social responsibility activities through this Fund, which has a global allocation of EUR 1 million and is expected to launch the second edition by the end of this year, EDP Group's A2E strategy also foresees the investment of EUR 12 million over the next three years in companies with sustainable solutions for universal access to energy.
This commitment was already materialized in 2018, with the first investment in the sector: the acquisition of a stake in SolarWorks!, a company with operations in Mozambique and that is dedicated to the commercialization of decentralized solar energy solutions.
EDP Renováveis is one of the strategic partners that helped increase the capital of SolarWorks! and ElectriFI, which joined forces to foster even faster expansion.
ElectrifFI, a EU backed fund specialized in the electrification and access to electricity has signed a 4 million USD debt facility with SolarWorks!, a leading Pay-As-You-Go solar home system and energy services provider in Southern Africa.
The SolarWorks! work is based on the in-depth knowledge of Mozambique’s culture and customs, as a result of its presence in the country since 2016. The company installs its solar home systems with very affordable monthly payments to reach the maximum population possible. It has a local presence in 11 stores spread across four provinces and has already created more than 350 direct jobs and around 1.000 indirect jobs.
The investment joins the nearly 10 million USD invested in Mozambique, giving access to electricity to more than 1.000.000 people in the next 2 years.
Source © SolarWorks! and ElectriFI
Image © EDP Renováveis