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Swiss Symbiotics and Dutch FMO to jointly invest $32.5 million in Tanzanian renewable energy firm Zola Electric within five years

Monday, 17 December 2018 17:13
Swiss Symbiotics and Dutch FMO to jointly invest $32.5 million in Tanzanian renewable energy firm Zola Electric within five years

(Ecofin Agency) - Dutch development bank FMO,  which supports private companies in developing countries, and Swiss investment firm Symbiotics, specialised in sustainable and inclusive financing, will jointly invest about $32.5 million in the coming five years in renewable energy firm Zola Electric.

FMO, via its investment fund Access to Energy Fund (AEF), which funds renewable energy production, transport and distribution projects, provided $5 million while Symbiotics invested $15 million and the remaining $12.5 million was provided via the mechanism FMO-A (Active) that mainly invests in low and middle-income countries in Africa, Asia, the Middle East, Eastern Europe and Latin America.  

The Tanzanian firm that deploys its energy solutions in five African countries (Nigeria, Tanzania, Rwanda, Côte d’Ivoire, and Ghana) will use the fund to provide solar power to 146,000 households not connected to the national electricity grid.

Apart from financing, FMO owned by the Dutch government and some commercial banks will also offer Zola Electric technical assistance for the establishment of credit risk rating system in the country.  

Chamberline Moko





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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