DR Congo: Gridworks seeks $35 million in funding for off-grid project
Gridworks, which is developing the "Essor A2E" solar project with the Eranove group and the AEE (Association of Energy Engineers) is seeking capital for its launch. The project will enable the electrification of vulnerable populations in the Democratic Republic of Congo (DRC) via solar off-grid. The development and investment platform hopes to mobilise $35 million in capital grants from international development finance institutions (DFIs).
The “Essor A2E” project of the government of the Democratic Republic of Congo (DRC) is progressing. Gridworks, one of the three companies selected in November 2020 for its implementation, is calling for investment from international development finance institutions (DFIs). The development and investment platform wants to mobilise $35 million in capital grants. These funds should enable the “Essor A2E” project that Gridworks is developing in partnership with the pan-African group Eranove and the AEE (Association of Energy Engineers) to get off the ground.
A $100 million initiative
The 35 million dollars required by the Gridworks company based in London in the United Kingdom, will enable the first phase of the “Essor A2E” project to be launched, which includes the installation of the hybrid solar power plants of Bumba, Isiro and Gemena in the DRC. The plants will have a capacity of between 3 and 10 MW and will be supported by diesel generators.
The first phase of the Essor A2E initiative will be followed by a second phase that will replicate the “proven system for increasing investment in the sector (off-grid)”. The African Development Bank (AfDB) which is supporting the project estimates that the first phase of Essor A2E will electrify 21,200 households, 2,100 small and medium enterprises (SMEs) and public buildings.
The full implementation of the “Essor A2E” project will require an investment of 100 million dollars. The remaining $65 million will be equity contributions from Gridworks, Eranove and AEE; as well as bank loans.