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EU $6m credit line for solar appliances in Africa and South East Asia

The International Renewable Energy Agency has estimated the off-grid solar generation capacity of Africa at the end of 2020.
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European Union body EDFI ElectriFi has announced a $6 million funding line to help a Californian company supply its low-cost solar home systems and appliances across Africa and South East Asia.

The European development finance institute devoted to universal energy access will offer the revolving debt to Palo Alto-based Amped Innovation, which distributes solar lights, TVs, fridges and DC-AC inverters to low-income customers on a pay-as-you-go basis, EDFI ElectriFi said on its website yesterday.

Amped co-founder and joint CEO Andrea Kleissner, quoted in the press release, said: “The EDFI working capital facility will accelerate Amped’s deployment of energy access solutions into over 20 countries across Africa and southeast Asia. With each new customer order, Amped can draw on the EDFI facility to finance inventory purchasing. This cash availability is crucial – smoothing cashflow just when it is needed in the manufacturing production cycle.”

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EDFI ElectriFi said Amped had also received advisory services from EU investment body GET.invest.

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Source: pv magazine