In December 2022, OeEB subscribed Junior Notes in the amount of EUR 4 million in the Energy Entrepreneurs Growth Fund (EEGF). The investment is made from OeEB's own funds with a guarantee from the Austrian Federal Ministry of Finance. EEGF is a climate fund that provides capital to early and growth-stage companies in the field of off-grid solar solutions in Sub-Saharan Africa.
|Project name||Energy Entrepreneurs Growth Fund (EEGF)|
|Sector||Energy / Resource efficiency / Infrastructure|
|OeEB project volume||EUR 4 million|
|International climate finance according to UNFCCC||Yes|
|Projekt partner(s)||SDG Investment Fund S.A. (SICAV-RAIF)|
Off-grid solar technologies have evolved in recent years from a niche to a key solution for bringing clean and affordable energy to people in low-income and rural areas in Sub-Saharan-Africa. It is estimated that around 420 million people are currently using off-grid solar solutions.
Nevertheless, the number of people without access to electricity in Sub-Saharan Africa has increased. In 41 countries of Sub-Saharan Africa, more than half of its residents have no access to electricity at all. Not only individuals, but also businesses across the region often suffer from expensive, unreliable and polluting power supply.
The Energy Entrepreneurs Growth Fund aims to capitalize on Africa's vast solar potential and invests in companies active in decentralized renewable power generation using solar panels (for commercial and industrial customers and solar home systems). Thus the Fund makes a significant contribution in scaling the business models and subsequently giving people in structurally underserved and rural areas regular access to clean electricity.
Triple Jump acts as fund manager. With a 16-year track record of success, Triple Jump is an impact-focused investment manager. Persistent acts as investment advisor. The venture builder has its headquarters in Zurich.
Additionally, OeEB provides funds for EEGF's technical assistance facility.