Africa has a huge potential and need for innovative energy solutions – notably offgrid ones – and specialised funds like EAV, which combine funding with industry expertise are very well placed to have a transformational impact.
OGE has a proven business model that can deliver economic and social benefits across Africa. We are delighted to be partnering with EAV to continue to unlock growth in the energy access sector.
We are thrilled to see EAV make its first investment, as we see that the vision and promise that began within Schneider Electric, is now contributing to grow and shape the market on the ground. Schneider Electric have committed to 1,000 person-days per year in pro bono Technical Assistance to EAV and its portfolio companies, allowing us to leverage our immense experience to deliver a significant impact to communities and regions across Africa.
Via entrepreneurial companies like Off-Grid Electric, millions of poor people can have access to energy, which is a key part of OFID’s mandate. Having backed EAV, we are very happy to see their first investment go into this market leader
Lack of electricity holds back social progress, economic growth and environmental improvements, so I’m delighted that CDC ‘s investment in Energy Access Ventures is being used to support Off-Grid Electric, a company that will bring clean, green energy to a million homes in East Africa by 2017. When CDC backed the Energy Access Ventures fund earlier this year we did so because we expected them to make investments like this one – investments that strengthen local energy infrastructure and bring power to the poorest people, making an enormous difference to their lives.
I have seen for myself the difference that Off-Grid Electric is already making to the lives of the world’s poorest people. On a recent visit to Tanzania I met 62-year-old Elizabeth Mukwimba, whose future has been transformed by their simple solar technology.” Hundreds of millions of people in sub-Saharan Africa still don’t have access to electricity. By boosting the solar market, the UK’s Energy Africa campaign is powering a solar revolution across the continent. And with backing from Britain, Energy Access Ventures’ new investment in OGE will bring solar power to people who have never had electricity before, reduce toxic emissions, and by providing light after dark more than double the time children can spend studying. See more…
EAV, with its Energy Access focus and presence on the ground in Africa, is very synergistic with a venture firm like DBL. We look forward to working with EAV to help the Off-Grid Electric team achieve significant commercial and impact objectives as we light up Africa together and usher in widespread distributed, affordable clean energy to Tanzania and beyond.