GuarantCo, Africa GreenCo ink $27mn deal to boost sustainable energy in Southern Africa
Friday, 05 April 2024 14:49
GuarantCo has partnered with Africa GreenCo in a $27 million risk-sharing agreement. This initiative, signed yesterday April 4, aims to mobilize private sector investment in independent energy producers, potentially unlocking up to $270 million in private sector funds.
The guarantee agreement is designed to invest in independent energy producers who will then sell the generated power to private buyers, businesses, and individuals across Southern African markets, with a focus on South Africa. “We are very happy to provide a complimentary and innovative credit solution to support the company to further grow its business and provide financial support to solar photovoltaic projects in Southern Africa,” stated Layth Al-Falaki, CEO of GuarantCo.
Through this partnership, GuarantCo and Africa GreenCo are committed to supporting renewable energy availability in Southern Africa, facilitating access to sustainable energy sources for South African businesses and individuals in particular.
This deal marks the second transaction between Africa GreenCo and the Private Infrastructure Development Group (PIDG), of which GuarantCo is a member. In October 2020, Africa GreenCo, known for leveraging private capital for energy projects in Africa, received a technical assistance grant from PIDG to operationalize its GreenCo Power Services project in Lusaka, Zambia.
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