Triple Jump secures AfDB backing for Energy Entrepreneurs Growth Fund
The Energy Entrepreneurs Growth Fund (EEGF), managed by Triple Jump, has secured a $6.5 million concessional loan from the African Development Bank (AfDB) through the bank’s COVID-19 Off-Grid Recovery Platform (CRP), which is designed to unlock private capital for energy access companies. This patient capital, funded by the Global Environment Facility (GEF), will be combined with EEGF capital to offer loans to energy access companies at more favourable terms.
Jan-Henrik Kuhlmann, head of direct investments at Triple Jump and manager of EEGF, said, “The funding from the CRP arrives as a timely lifeline for early-stage energy access companies … This funding allows EEGF to continue investing risk-taking debt in the sector at a time when risk capital is increasingly scarce, and companies are cash constrained. It enables companies to leverage further senior funding from less risk tolerant investors, thus demonstrating a strong catalytic effect.”
The CRP was originally developed and funded by the Sustainable Energy Fund for Africa (SEFA) in 2020, designed as a blended financing platform, partnering with various commercial debt funds. The primary objective is to provide crucial financial backing to energy access companies, ensuring the continuation of essential energy services, preserving jobs, addressing diverse market needs, and ultimately fostering a more robust and viable energy sector post-crisis. Anchored by $40 million concessional loans from SEFA and GEF, the CRP represents a united effort to overcome challenges and drive progress.
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