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Finland commits additional financing to EEP Africa
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With the additional contribution from Finland, EEP Africa increases the funds under management to EUR 54.5 million
The Ministry for Foreign Affairs of Finland has made a year-end commitment of an additional EUR 4 million, increasing the total contribution from Finland to EEP Africa to EUR 20.9 million. This complements the recent contribution of EUR 8.6 million from the Swiss Agency for Development and Cooperation, which was confirmed earlier this month.
Ville Skinnari, Finland's Minister for Development Cooperation and Foreign Trade:
"Through increased financing to EEP Africa, we are able to support both adaptation, mitigation and climate resilience in 15 Southern and East African countries. The Covid-19 pandemic has further demonstrated how locally produced renewable energy solutions not only enable life-saving health services but also increase the resilience of communities and businesses in the longer term."
Finland has been a founder and supporter of EEP Africa since 2010. In recent years, the fund has strengthened its focus on clean energy solutions that enhance climate adaptation and resilience in off-grid communities. The EEP Africa report Energising Resilience examined the climate co-benefits of clean energy projects and demonstrated the value of taking a more holistic approach to climate financing and rural development. Building on this, the new portfolio of 26 projects launched during 2021 included a high concentration of companies working at the nexus of energy and agriculture, on issues such as cold chain, irrigation, agro-processing and transportation.
Karin Isaksson, NDF Managing Director:
"We highly appreciate Finland's continued and enhanced support to EEP Africa. This is a strong signal of trust from the founding partner in the Fund that EEP Africa is delivering on its mandate. Supporting early-stage clean energy companies, especially in the off-grid sector, provides clear opportunities in generating adaptation and resilience co-benefits."
Thanks to the backing of all its donors, EEP Africa will continue to support early-stage and local companies to demonstrate, pilot and scale up feasible business models utilising a variety of renewable energy technologies. With EEP Africa's support, successful companies are able to provide affordable and reliable energy access across Southern and East Africa, creating jobs and helping communities become more resilient also in the long-term.
About EEP Africa
EEP Africa is an early-stage clean energy financing facility hosted by the Nordic Development Fund (NDF) with funding provided by Austria, Finland and NDF. EEP Africa is proud to support innovative projects that are catalysing sustainable and inclusive green growth and contributing to achievement of the Paris Climate Agreement and Sustainable Development Goals (SDGs).
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