AfDB to aid EUR-24m home solar project in Cote d'Ivoire
Source: African Development Bank Group (www.afdb.org)
The African Development Bank (AfDB) last week said it will support a loan of XOF 15.75 billion (USD 27.8m/EUR 24m) for the provision of pay-as-you-go solar home systems in Cote d'Ivoire.
The bank will help Zola EDF Cote d'Ivoire (ZECI) to mobilise the loan, arranged by Societe Generale de Banque in Cote d'Ivoire (SGBCI) and Credit Agricole Corporate and Investment Bank (Credit Agricole CIB), by providing a partial credit guarantee covering a portion of the guaranteed loan facility as a catalyst.
Under the project, ZECI, a 50/50 joint venture between Off-Grid Electric (OGE) and EDF (EPA:EDF), plans to supply about 100,000 rural households with home solar systems by 2020.
The special purpose vehicle currently being set up to mobilise the receivables-backed senior loan is sponsored by the NEoT Offgrid Africa (NOA) investment platform, which is managed by NEoT Capital, with Meridiam and EDF as investors.
AfDB said the project would represent Africa's first large-scale local currency financing structure using securitisation for the off-grid renewable energy sector.