African Development Bank’s Off-Grid Recovery Platform for COVID-19 Reaches Financial Close
The African Development Bank has reached a financial close on financing agreements for a $20 million concessional investment from the Sustainable Energy Fund for Africa (SEFA) for the COVID-19 Off-Grid Recovery Platform (CRP).
The 5-year, $50 million blended finance initiative is designed to provide relief and recovery capital to energy access businesses, supporting them through and beyond the pandemic.
The concessional loan agreements were signed with fund managers Lion’s Head Global Partners, Triple Jump, and Social Investment Managers and Advisors, following approval by the Board of Directors of the African Development Bank in December 2020 for a $20 million concessional investment from the Sustainable Energy Fund for Africa (SEFA), to establish the platform.
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