SIGNATORY SERIES | COVID-19 ENERGY ACCESS RELIEF FUND

The COVID-19 pandemic threatens to reverse the enormous progress off-grid energy companies have made to bring power to 470 million people in the last decade.

The new global economic crisis will make it more difficult for existing customers to pay for their energy services. At the same time, slowed supply chains and reduced investment flows are causing energy companies to run out of cash.

Facing dwindling liquidity, these energy companies will be forced to lay off staff – putting the sector’s nearly 370,000 jobs at risk – and shut off customers’ access to energy.

The COVID-19 Energy Access Relief Fund will bridge this funding gap to maintain the sector’s progress in bringing energy to all.

What does the fund intend to achieve?

The EUR 100 million targeted concessionary debt fund seeks to enable off-grid energy companies in Sub-Saharan Africa and Asia to both maintain their customers’ existing energy services and retain the staff required to deliver future services to these customers.

By providing emergency capital to off-grid energy companies, the COVID-19 Energy Access Relief Fund aims to protect the progress already made towards achieving Sustainable Development Goal 7. By stabilizing economies in emerging markets and providing security for up to 370,000 jobs, the Fund will also ensure that the sector can continue to grow after the crisis.

What does the fund intend to achieve?

The EUR 100 million targeted concessionary debt fund seeks to enable off-grid energy companies in Sub-Saharan Africa and Asia to both maintain their customers’ existing energy services and retain the staff required to deliver future services to these customers.

By providing emergency capital to off-grid energy companies, the COVID-19 Energy Access Relief Fund aims to protect the progress already made towards achieving Sustainable Development Goal 7. By stabilizing economies in emerging markets and providing security for up to 370,000 jobs, the Fund will also ensure that the sector can continue to grow after the crisis.

Fund Partners

Originally posted on the COVID-19 Energy Access Relief Fund’s website