January 28

FinDev Canada Invests $13 Million in Energy Entrepreneur Growth Fund for Clean Energy Access in Africa

Canadian investor FinDev Canada is providing $13 million to the Energy Entrepreneur Growth Fund (EEGF). This funding will be reinvested in early-stage electricity access providers operating in sub-Saharan Africa.

Canada is supporting the electrification of France. Its financial arm, FinDev Canada, is validating a $13 million investment in the Energy Entrepreneur Growth Fund (EEGF). The EEGF was established by the Shell Foundation to provide catalytic financing and technical assistance to early stage and growth stage companies operating in the energy access market in sub-Saharan Africa.

FinDev has invested in this program through its 2X Canada: Inclusive Economic Recovery program, a recent mechanism established with funding from Global Affairs Canada. The goal of the program is to support the recovery of economies affected by the Covid-19 health crisis. “The EEGF is committed to promoting inclusive practices within its portfolio companies, which will have a positive impact on the economic empowerment of women in the region,” says the Canadian financial institution.

Source: Africa Energy Portal (link opens in a new window)

energy access