The African Development Bank managed Sustainable Energy Fund for Africa, has approved a $760,000 grant to Empower New Energy AS (EmNEW), to develop at least eight (8) small renewable energy projects with capacity ranging from1-10 MW, towards bankability and construction.
The grant will support a broad range of project preparation and development activities, including technical feasibility studies, legal due diligence, environmental and social impact assessment, quality assurance and risk management.
EmNEW invests in renewable energy projects through competitive equity to small and medium scale projects which helps to reduce the time and resources required to finance projects while delivering environmental and social impact.
EmNEW has regional offices in Kenya and Ghana, with projects expected to unlock up to $500 million in renewable energy investment, reduce CO2 emissions by 320,000 tons, create 20,000 new jobs, and eventually produce 585 GWh of clean electricity.
Welcoming the approval, Terje Osmundsen, EmNEW’s CEO, said, “We are very excited to be entering into a partnership with the African Development Bank and SEFA. There is a large number of strong small or medium scale projects across Africa that remain unrealised because they can’t access competitive financing. Our approach allows us to bridge this gap and working with SEFA, will help us to accelerate this process and support more high-quality projects. Together, we can bring impactful investment to Africa, while helping the continent to meet its electrification, carbon-reduction, and sustainable development targets.”