Good news for MySol Grid Zambia. The subsidiary of French company Engie Energy Access has just secured $7.5 million in financing for its operations in Zambia. This is senior debt contracted with the Facility for Energy Inclusion (FEI), a mechanism created by the World Bank to support electrification in Africa.
The financing granted to MySol will support the construction of 60 solar photovoltaic mini-grids in Zambia. “Attracting long-term, non-recourse debt financing for mini-grid projects demonstrates the viability of the business model and the legitimacy of renewable mini-grid projects in the rural electrification landscape. This funding will contribute to the United Nations Sustainable Development Goals (SDGs),” said Gillian-Alexandre Huart, CEO of Engie Energy Access.
Electrification of 40,000 people in rural areas
This includes MDG7, which aims to provide access to reliable, sustainable and modern energy at an affordable cost by 2030. In rural areas of Zambia, MySol finances, installs and operates systems made up of solar panels mounted on containers inside which batteries are installed to store the electricity. The containerised plant feeds a mini-electricity grid capable of supplying a community. MySol intends to use this solution to build an installed capacity of 5 MW thanks to funding from the FEI.
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