While many countries around the globe are making their first steps into deconfinement, many specialists are already warning about the financial aftermath of the pandemic and the potential economic tsunami on the global economy.
In an effort to proactively support the nascent African solar industry, several organizations have been working on dedicated mechanisms to bring entrepreneurs and SMEs the necessary funds and support to pass through this difficult period. Below is a list of some initiatives currently available:
COVID-19 Energy Access Relief Fund
Several partners of the global renewable energy investment scene have joined forces under the impulse of Acumen to set up a EUR 100,000,000 fund to support companies active in the energy access space (SHS, clean cooking and MG) and help them bridge liquidity challenges.
COVID-19 Solar Relief Fund
All:On is providing close to $500k to Nigerian solar installers to equip health care centers with emergency solar systems. This fund was already made available as soon as March 31.
SE4ALL focuses on powering healthcare and supporting off-grid energy sector
SE4ALL is yet to announce concrete action plans, but in a joint effort with the World Bank it has already identified healthcare and off-grid energy as the 2 main sectors to support as enablers to speed up Africa's recovery.
Covid-19 window by Get.Invest
GET.invest has opened a Covid-19 window to provide business and project developers with free-of-cost advisory to help navigate the crisis. This advisory covers investment strategy, structuring support, access to finance support and transaction support.
Support from solar companies
Some solar companies have decided to take tangible and immediate action to support individuals and companies alike.
Notable examples are REDAVIA providing free solar electricity for 6 months to Ghanaian and Kenyan companies, and Soleva and BBOXX are offering 1 month free electricity to their Togolese customers.
Many other initiatives may be in the planning and we thank you in advance for bringing them to our attention so we can inform the vast AFSIA network. Solidarity is now more than ever crucial to get through these challenging times.