Energy Entrepreneurs Growth Fund reaches final close at $125m

The Energy Entrepreneurs Growth Fund (EEGF), an initiative led by Shell Foundation in collaboration with FMO, has closed its fundraising with commitments totalling $125 million.

EEGF is managed by Dutch fund manager Triple Jump, with Persistent, a venture builder in the off-grid sector, providing advisory support.

As of August 2023, EEGF has already extended financing to 11 firms, with plans to invest in a minimum of 25 enterprises within the access to energy sector in sub-Saharan Africa throughout the fund’s life cycle.

The fund is backed by several development finance institutions, including FinDev Canada, the Development Bank of Austria (OeEB), the Nordic Development Fund (NDF), and the U.S. International Development Finance Corporation (DFC). The African Development Bank (AfDB) also made a significant contribution through its Covid-relief funding.

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