(Ecofin Agency) - The investment fund dedicated to renewable energies in Africa, Empower New Energy, announced it has mobilized a Series A financing of $8 million to fund small renewable energy projects on the continent. Targeted projects are plants of 1 to 10 MW that struggle to get financing through traditional mechanisms.

Under this strategy, Empower has already spotted a number of solar, hydroelectric and hybrid power plants in Kenya, Rwanda, Ghana, Nigeria, Ethiopia, and Tanzania. The money to be injected was raised from public and private investors such as the Norway investment fund Norfund and the European fund ElectriFI. Aiming at raising a total of $50 million, Empower is already planning a $40 million Series B financing for 2020.

“Local projects and smaller investment amounts receive little attention from international investors and lenders. The Empower Fund is an important initiative to cover this gap in the market,” says Harald Magnus Andreassen, one of the private investors.

Gwladys Johnson Akinocho