EIB providing US$25 million financing for d.light solar kits in Africa

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The solar kits use a pre-payment system that makes them financially accessible to low-income consumers. Credit: d.light

The European Investment Bank (EIB) is to provide US$25 million in financing to off-grid solar product distributor d.light to strengthen access to energy in Africa via solar kits, starting off in Ethiopia, Kenya, Nigeria, Tanzania and Uganda.

The solar kits use a pre-payment system that makes them financially accessible to low-income consumers. The EIB financing will go particularly towards rural and suburban populations and micro-entrepreneurs. It will also enable d.light to develop the installation of its solar kits, which including PV panels, lamps and low-energy equipment such as radios and TVs.

EIB vice-president Ambroise Fayolle, said: “The EU bank is determined to implement the Paris climate agreement and to cooperate to achieve the sustainable development goals, particularly when it comes to ensuring access to affordable, reliable and sustainable energy for all. With its unique technical and financial expertise in the support of solar projects, the EIB will mobilise new investments to develop renewable energies in Africa.”

d.light has already partnered with cloud-based microfinance institution Musoni to expand access to solar for low-income consumers in Kenya.

At the founding ceremony of the International Solar Alliance (ISA) that recently took place in New Delhi, the EIB confirmed that it would be significantly expanding its activities in support of solar energy in developing and emerging economies.

Read Next

February 6, 2020
Funding will back 18 PV plants in Spain of around 900MWp capacity awarded to Zero-E Solar in a 2017 auction, alongside various clean energy projects in the Netherlands, Austria and Italy.
December 13, 2019
Investment bank joins EIB as they co-sponsor 436MW portfolio in European country and also backs CVE’s 110MW distributed generation pipeline in South American state.
December 11, 2019
Major European lender backs plans by developer IM2 of 15 new plants in Southern state, the latest solar move for bank vowing not to sponsor fossil fuel ventures going forward.
November 19, 2019
European Investment Bank approves support to 218MW PV portfolio in Spain after drawing global headlines with vote to end funding to unabated coal, gas and others by 2021.
September 12, 2019
European Investment Bank mulls shifting lending to batteries and market-based clean energy projects as part of policy reboot to help EU lead fight against climate change.
July 16, 2019
The EU has committed to lending €145 million (US$163 million) and the ICO up to €140 million (US$156 million) to the largest solar project under construction in Europe.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021