March 12 (Renewables Now) - The Overseas Private Investment Corporation (OPIC) has committed USD 10 million (EUR 8.9m) in financing to projects promoting off-grid solar in Chad.
The financing will be extended to FinLux Ellen Sarl, which will distribute solar kits and appliances across the African country. The devices use batteries made in New York and are adapted for rural electrification in Sub-Saharan Africa, OPIC said last week. Apart from individuals, the photovoltaic (PV) kits and appliances will be supplied to schools, health centres and small businesses in Chad, which suffers a huge power deficit, with only 1% of its population having access to electricity.
This is the 33rd project OPIC finances under the US Power Africa initiative and its first one in Chad. In November 2018, it provided KES 600 million (USD 6m/EUR 5.4m) in debt financing to distributed solar projects financier CrossBoundary Energy to extend the provision of renewable power across Sub-Saharan Africa.
(USD 1.0 = EUR 0.889)
(KES 10 = USD 0.100/EUR 0.089)