- The Renewable Energy Performance Platform (REPP), a UK-government funded programme that helps renewable energy developers to overcome barriers to finance, has been arranged a US 10 million (EUR 8.8m) syndicated senior debt facility for UK-based project developer PAS Solar Limited.
- The loan facility will help PAS Solar expand its efforts in Nigeria as it looks to provide clean electricity to more than 150,000 local households in the next five years.
The five-year tenor syndicated loan has been designed by the Renewable Energy Performance Platform (REPP), which put up USD 2.2 million including early-stage funding assistance. The European Commission’s and the Electrification Financing Initiative (ElectriFI) provided USD 3 million, while the remaining USD 4.8 million is available to lenders as an accordion facility, REPP announced last month.
PAS Solar has set up more than 3,500 solar home systems for households and microenterprises in Nigeria’s isolated communities. This allowed an estimated 17,500 residents to receive clean electricity supply for the first time. The developer aims to increase the number of installed systems to at least 35,000 in the next five-year period to cover the needs of more underserved citizens.
“PAS Solar has proven its potential and this syndicated facility lays the groundwork for the developer to access a range of funders as it grows,” said Geoff Sinclair, REPP Investment Manager and Managing Director at Camco Clean Energy. “We are confident that the mechanism will quickly attract more lenders and PAS can continue its remarkable work bringing clean and affordable electricity to some of Nigeria’s most underserved communities.”
Author: Bryan Groenendaal