The credit line was secure by PAS Solar Limited, a British company operating in Africa’s most populous nation.
With exclusive funding from the United Kingdom’s International Climate Finance, REPP has committed $2.2m to the syndication, and a further $3m has been committed by the EC-sponsored Electrification Financing Initiative (ElectriFI) facility, managed by EDFI Management Company. The remaining $4.8m of the syndication is available to lenders as an accordion facility.
PAS Solar distributes solar kits for homes and businesses, mainly in the north. With this new investment, the company is now looking to increase the number of installations to at least 35,000 over the next five years. This will bring the total number of people getting first-time access to clean electricity through the project to over 150,000.
According to Geoff Sinclair, REPP’s Investment Director and Managing Director of Camco Clean Energy, “PAS Solar has proven its potential and this credit provides the foundation for the developer to access a range of funders as it grows.”
The project has already created nearly 30 local jobs and this is expected to increase to nearly 300 thanks to its service business model.