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International group offers $ 68 million in loans to off-grid clean energy distributors – pv magazine International

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A coalition of government and international development agencies and private investors has closed $ 68 million of an expected over $ 80 million in low interest loans to help off-grid energy companies Africa and Asia compressed COVID-19 pandemic

With a Covid violation, exacerbated the rise in the cost of equipment for renewable energy sourcespartners in the recently convened Energy Access Assistance Fund (EARF) want to raise funds for loans to “more than 90” suppliers, such as solar lanterns, clean cooking stoves, home solar systems, and mini-nets

Quoted in a press release issued yesterday to highlight the initiative: Shell Foundation Director Sam Parker said it is hoped that similar investors will follow suit, as “much more capital will be needed in the coming months to continue progress towards universal access to energy.”

The short-term loan will be provided by a group set up by a US philanthropic investor. Insight and is operated by a New York-based venture capital partner Social Investment Managers and Consultants

The rest of the EARF group is funded by the US government. Energy of Africa, then United States Agency for International Development, a United States International Development Finance Corporation; UK government-funded aid to the UK and CDC Group; Development Bank controlled by the Dutch government FMO; government-backed colleagues Swedish International Development and Cooperation Agency Swiss Agency for Development and Cooperation; multilateral government bodies The United Nations Green Climate Fund, and World Bank and its International Finance Corporation the hand of the private sector; and individuals Ikea Foundation, Rockefeller Foundation and the Shell Foundation.

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