- The Off-Grid Energy Access Fund of the Energy Inclusion Facility (EIF OGEF) has approved Euro 2 million funding for French solar home provider start-up.
- Qotto will use the funding to roll out solar electrification of rural households in Benin and Burkina Faso.
The EIF OGEF funding facility is for small-scale energy access projects – off-grid solar, small IPPs, captive installations and mini-grids. provides mainly secured financing to support the growth of innovative companies in the off-grid energy sector. Managed by Lion’s Head Global Partners (LHGP), the fund draws on the Energy Inclusion Facility (EIF), a debt financing facility for small-scale electricity access projects, capitalized by the African Development Bank (AfDB) and other development finance institutions as well as commercial investors.
The EIF OGEF is providing Qotto with €2 million in financing for the extension of its services in Benin and Burkina Faso. The solar kit supplier installs its systems mainly in rural areas.
“This financing is very innovative in its structure, which reinforces the risk assessment by analysing the future revenues contracted: it shows that financial tools can be used for a positive social and ecological impact,” says Jean-Baptiste Lenoir, co-founder and president of Qotto. The EIF OGEF’s contribution thus helps the French start-up to reach its goal of mobilising 6 million euros for the distribution of its solar kits in West Africa. The other part of the funding will be collected from business angels and individuals.
Author: Bryan Groenendaal