Bennett Oghifo
The Board of Directors of the African Development Bank Group has approved an innovative multinational financing program for Distributed Energy Service Companies (DESCOs), which would see 900,000 households in sub-Saharan Africa – about 4.5 million people – gain access to solar power by 2025.
The AfDB said this in a statement, adding that the DESCOs’ Financing Programme promotes securitisation financing techniques to address barriers to accessing finance for DESCOs, while supporting their growth and expansion into existing and new markets. The programme will also facilitate local currency financing for DESCOs and provide local lenders with risk mitigation instruments to support them.
Elaborating on the programme, Wale Shonibare, the Bank’s Acting Vice-President for Power, Energy, Climate Change, and Green Growth said the Bank would provide critical technical guidance and credit enhancement to DESCOs and local financial…
Source: Thisday Newspaper
