Yes, relief measures have been provided to off-grid energy companies affected by COVID-19.
The information is provided as reflected on Energy Access Relief’s website.
Recognising the challenges faced by both existing off-grid customers in paying for their energy services, as well as the impact of slowed supply chains and reduced investment flows that are causing energy companies to run out of cash, a number of partners have collaborated and jointly formed the COVID-19 Energy Access Relief Fund.
The COVID-19 Energy Access Relief Fund will bridge the funding gaps mentioned above 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.
Which companies are eligible to receive funding?
To be eligible, companies need to fulfil the following criteria and provide the required evidence:
- Addressing SDG7 (affordable and clean energy) is a defined goal of the company
- Implementing solar home systems, clean cooking (across the value chain) or mini-grid business model, with 50% of the revenue coming from such business
- Viable funding plan at the end of February 2020 until 1 May (i.e. no funding gap before May 1st) to ensure no major pre-existing financial issues prior to COVID-19 outbreak
- Demonstrated need for emergency funding in the next 6 months: i.e. cash on hand versus expected net cash flows
- Registered company
- Transparent ownership structure
Interested in receiving funding?
If you are an energy access venture interested and eligible to receive funding, please register your interest by clicking on the link below and completing the form.
Interested in contributing to the fund?
If you are interested in contributing to the fund, please click on the link below and complete the form.