- The Electrification Financing Initiative (ElectriFI), managed by EDFI Management Company, has announced an investment of EUR 3.1 million in Les Soleils du Bénin under the Benin Country Window funded by the European Union and established in close collaboration with the EU Delegation in Cotonou and the Beninese government.
- With the signature of a EUR 3.1 million Senior Debt Agreement with Les Soleils du Bénin, ElectriFI fortifies the project’s financing structure and complements the equity financing from NEoT Offgrid Africa.
- This strategic investment adds substantial momentum to Les Soleils du Bénin, propelling it towards its mission of delivering clean energy to thousands of homes and businesses in the country.
Les Soleils du Bénin, a special purpose vehicle (SPV) jointly developed by GDS International and Africa Renewable Energy System & Solution (“ARESS”), in partnership with NEoT Offgrid Africa, aims to construct and operate a portfolio of 12 mini-grids in Benin. This initiative seeks to deploy 1.7MWp of solar photovoltaic (PV) capacity, backed by 3MWh of battery storage, thereby empowering over 3 000 households and businesses with reliable electricity supply. The total project cost of approximately EUR 9 million is supported in part by subsidies from the MCA-Benin II Offgrid Clean Energy Facility.
The partnership between GDS International and ARESS, both established players in the renewable energy sector, ensures a robust business plan, while NEoT Offgrid Africa’s involvement as a financing partner bolsters the project’s equity financing. This collaboration sets the stage for a powerful alliance, striving to create a lasting impact on the energy landscape of Benin.
The project stands as a testament to the potential unleashed by collective efforts, technological innovation, and sustainable finance. Through this partnership, ElectriFI, GDS International, ARESS, NEoT Offgrid Africa, and the EU are pioneering a brighter, more sustainable future for the people of Benin.
Author: Bryan Groenendaal