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Mirova grants $10mn loan to EDF for solar projects in Africa

EDF will strengthen its off-grid platform in Africa with a $10mn loan from Mirova to expand electricity access to 5 million people by 2030.
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EDF Renewables has secured a senior loan of $10mn from Mirova, the asset management subsidiary of Natixis Investment Managers focused on sustainable investments. The financing targets the “EDF Energy For All” platform, which brings together the French group’s off-grid activities in sub-Saharan Africa. It will support the deployment of distributed solar solutions across several countries on the continent.

Targeted support for local subsidiaries

The platform currently supports five subsidiaries: Greeno and Tevia in Côte d’Ivoire, UpOwa in Cameroon, Kukhanya Energy Services in South Africa, and Bboxx EDF in Togo. These entities are active in distributing solar kits, solar-powered water pumps, and off-grid agricultural equipment. EDF aims to reach five million beneficiaries in Africa by 2030, up from three million currently.

Mirova structured the loan through its Mirova Gigaton fund, which targets projects aligned with global climate objectives. The fund provides long-term debt financing for decentralised electrification solutions in emerging markets.

A growing market with high capital needs

According to the Off-Grid Solar Market Trends 2024 report published in October 2024 by the World Bank, sub-Saharan Africa accounts for over 80% of people globally without access to electricity. Off-grid solar is currently the most cost-effective solution for electrifying 41% of this population by 2030, but will require a cumulative investment of $21bn over the period.

Between 2020 and 2022, off-grid solar accounted for 55% of new electricity connections in the region. The business model relies on installations deployed directly at consumers’ homes without connecting to the national grid, enabling electrification of isolated rural areas.

Industrial structuring of the off-grid offer

EDF Renewables is developing an approach that combines local anchoring, technical innovation, and financial structuring to support the expansion of its African portfolio. The EDF Energy For All platform acts as a vehicle for operational pooling and a tool for accessing targeted financial resources for its subsidiaries.

“Thanks to this loan, the platform will continue to support our subsidiaries in delivering off-grid energy solutions to rural populations,” said Xavier Rouland, Off Grid Director at EDF Renewables. The group views this strategy as a way to address the growing electricity demand in underserved areas.

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