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Thursday, February 22, 2024

Oikocredit invests in solar to boost SMEs in Africa

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Social impact investor Oikocredit is providing a loan of € 5 million to Ecoligo, a provider of “solar-as-a-service” solutions for commercial and industrial businesses in emerging markets.

With Oikocredit’s support, Ecoligo will be able to provide around 15 companies and organisations in Ghana and Kenya with both access to clean energy and the ability to benefit from significant cost savings.

Since its inception in 2016, Ecoligo has been a pioneer in global energy transition and has offered its solar-as-a-service solutions to clients in emerging markets around the world.

It has installed and commissioned 58 projects to date, for a total of 19.2 MW (megawatts), supporting over 41 businesses and non-governmental organisations (NGOs) in reducing their CO2 emissions while also making significant cost savings. A further 71 installations with a capacity of 41.7 MW have also been signed for development.

Markus Schwaninger, CFO at Ecoligo, said: “It is a great pleasure to work with such an esteemed and renowned partner as Oikocredit who shares our mission. Thanks to their support, we have been able to scaleup our operations in sub-Saharan Africa and to bring more solar projects to life than ever before, allowing us to create meaningful change. We are looking forward to creating more social impact together with Oikocredit”.

Siebren Wilschut, Investment Officer at Oikocredit, said: “We’re delighted to support Ecoligo, a rising star in the commercial and industrial sector, in their expansion to ensure access to clean energy. With Oikocredit’s support, Ecoligo will continue to scaleup and increase its social impact to support SMEs and NGOs. With significant cost savings, SMEs and NGOs will be able to secure more jobs in local communities at the same time as reducing their CO2 footprint”.

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