Germany-based solar technology company REDAVIA has secured USD-2-million (EUR 1.74m) in debt financing from the Electrification Financing Initiative (ElectriFI) to support the expansion of its operations in Ghana’s industrial and commercial sector.
“We are delighted to partner with REDAVIA to bring reliable, affordable and clean electricity to the local business community in Ghana,” said Dominiek Deconinck, ElectriFI Fund Manager. “REDAVIA’s solar farms and lease arrangements show high flexibility and levels of performance. We are thrilled to be part of the journey.”
According to Quentin Antoine, Senior Investment Officer, ElectriFI, the investment will bring around 15 15 MWp of photovoltaic (PV) solar arrays to commercial and industrial bodies in Ghana including educational institutions, agro-foods, and manufacturing companies, reported ESI Africa.
“We are very proud of our footprint in Ghana so far and the benefits that we are able to deliver to our customers,” said Erwin Spolders, CEO and Founder, REDAVIA.
He added that the funding coming from ElectriFI’s will prove to be a stepping stone towards the international expansion of the company’s successful delivery model in Ghana.
REDAVIA provides modular solar farms and lease agreements to businesses and communities in West and East Africa through subsidiaries in Ghana, Kenya, and Tanzania. The firm signed a similar deal with asset manager responsAbility Investments AG last October. The USD-4-million contract deal was also focused on the Ghanaian C&I sector. It is expected that the partnership will empower REDAVIA to grow further and faster in the country, subsequently enabling Ghanaian companies to save money and thrive.