Since June 2019, OeEB has been providing long-term financing of USD 9.5 million for the SIMA Off-Grid Solar and Financial Access Senior Debt Fund I., B.V. ("SIMA"). The aim of the fund is to improve energy supply by financing off-grid solar power solutions. About 70% of the funds will be invested in Africa.

Project name

SIMA Off-Grid Solar and Financial Access Senior Debt Fund I

Region

Supra-regional (especially Africa)

Sector

Energy / Resource efficiency / Infrastructure

Service

Investment Finance

OeEB project volume

USD 9.5 million

Projekt partner(s)

i.a. FMO, BIO, OPIC

SIMA focuses on financing small and medium-sized companies offering off-grid solar power solutions and microfinance institutions that finance them. The fund thus contributes to reducing greenhouse gas emissions and improving the access of around 250,000 households to solar power – especially in rural areas with no connectivity to grid electricity. Regionally, about 70% of the funds will be invested in Africa.

Around one billion people worldwide have no access to energy; Sub-Saharan Africa and South Asia are the regions with the largest deficits. Solar off-grid solutions, ranging from simple solar lamps to solar home systems and solar mini-grids, have made a significant contribution to enabling access to electricity for around 118 million people yearly since 2010.

OeEB's financing will enable the continued growth of off-grid solar power solutions in homes and businesses in developing and emerging countries that have little or no access to the grid. In addition, modern and clean energy solutions are promoted and CO2 emissions are reduced.