The Development Bank of Rwanda (BRD), the World Bank and the Swedish International Development Agency (SIDA) have announced a strategic fund-raising and collaboration for Rwandan renewable energy firm, Ignite Power.
This agreement is targeted at raising funds to broaden the solar energy provider’s capacity to provide solar solutions at affordable prices to rural customers. It also aims to increase the number of Rwandans that can access electricity through off-grid solutions and to explore economic development potential.
The lead investor of Ignite Power, Seth Merrin said the deal is the one that could bring the distributed solar energy sector to scale.
Joern Huenteler, the Task Team Leader of the Rwanda Energy Fund project for the World Bank believes the household connections financed under the first loan to the Fund will be significant to achieving universal access to affordable and clean energy, an important step in Rwanda’s vision of becoming an upper-middle-income country by 2035.
The Head of Development Cooperation at the Swedish Embassy in Kigali, the country’s capital, Christina Wedekull, said that the partnership is a blueprint of how the public and private sector can work together to achieve remarkable progress and change. She said there are facilities like Sweden’s guarantee facilities that can mobilise investments to increase the access of low-income households in the country to affordable and clean energy.
Also commenting on the announcement, the Chief Executive of the Development Bank, Kampeta Sayinzoga said the partnership will ensure affordability, reliability and scalability, and help the government meet its target of universal access. She said, “We are pleased to make our inaugural transaction of Window 4 of the Rwanda Renewable Energy Fund with Ignite Power. We trust that this financing and partnership will empower Ignite to ensure affordability, reliability and scalability of their business model. Together we will increase energy access in Rwanda to meet the Government of Rwanda’s target of universal access.”
/strong,%20the%20World%20Bank%20and%20the%20strongSwedish%20International%20Development%20Agency%20(SIDA)/strong%20have%20announced%20a%20strategic%20fund-raising%20and%20collaboration%20for%20Rwandan%20renewable%20energy%20firm,%20strongIgnite%20Power/strong.This%20agreement%20is%20targeted%20at%20raising%20funds%20to%20broaden%20the%20solar%20energy%20provider's%20capacity%20to%20provide%20solar%20solutions%20at%20affordable%20prices%20to%20rural%20customers.%20It%20also%20aims%20to%20increase%20the%20number%20of%20Rwandans%20that%20can%20access%20electricity%20through%20off-grid%20solutions%20and%20to%20explore%20economic%20development%20potential.The%20lead%20investor%20ofstrong%20Ignite%20Power/strong,%20Seth%20Merrin%20said%20the%20deal%20is%20the%20one%20that%20could%20bring%20the%20distributed%20solar%20energy%20sector%20to%20scale.Joern%20Huenteler,%20the%20Task%20Team%20Leader%20of%20the%20Rwanda%20Energy%20Fund%20project%20for%20the%20World%20Bank%20believes%20the%20household%20connections%20financed%20under%20the%20first%20loan%20to%20the%20Fund%20will%20be%20significant%20to%20achieving%20universal%20access%20to%20affordable%20and%20clean%20energy,%20an%20important%20step%20in%20Rwanda's%20vision%20of%20becoming%20an%20upper-middle-income%20country%20by%202035.The%20Head%20of%20Development%20Cooperation%20at%20the%20Swedish%20Embassy%20in%20Kigali,%20the%20country's%20capital,%20Christina%20Wedekull,%20said%20that%20the%20partnership%20is%20a%20blueprint%20of%20how%20the%20public%20and%20private%20sector%20can%20work%20together%20to%20achieve%20remarkable%20progress%20and%20change.%20She%20said%20there%20are%20facilities%20like%20Sweden's%20guarantee%20facilities%20that%20can%20mobilise%20investments%20to%20increase%20the%20access%20of%20low-income%20households%20in%20the%20country%20to%20affordable%20and%20clean%20energy.Also%20commenting%20on%20the%20announcement,%20the%20Chief%20Executive%20of%20the%20Development%20Bank,%20Kampeta%20Sayinzoga%20said%20the%20partnership%20will%20ensure%20affordability,%20reliability%20and%20scalability,%20and%20help%20the%20government%20meet%20its%20target%20of%20universal%20access.%20She%20said,%20em“We%20are%20pleased%20to%20make%20our%20inaugural%20transaction%20of%20Window%204%20of%20the%20Rwanda%20Renewable%20Energy%20Fund%20with%20Ignite%20Power.%20We%20trust%20that%20this%20financing%20and%20partnership%20will%20empower%20Ignite%20to%20ensure%20affordability,%20reliability%20and%20scalability%20of%20their%20business%20model.%20Together%20we%20will%20increase%20energy%20access%20in%20Rwanda%20to%20meet%20the%20Government%20of%20Rwanda’s%20target%20of%20universal%20access.”/em a%20href=https://ibekachikwu.com/wp-content/uploads/2020/07/a02c0e84-0ee2-492d-bf0d-db2159c0dc60.jpgimg%20class=alignnone%20size-medium%20wp-image-2272%20src=https://ibekachikwu.com/wp-content/uploads/2020/07/a02c0e84-0ee2-492d-bf0d-db2159c0dc60-300x251.jpg%20alt=%20width=300%20height=251%20//a%20a%20href=https://ibekachikwu.com/wp-content/uploads/2020/07/cdfcd241-3c2d-45ba-b204-3c6e388d516c.jpgimg%20class=alignnone%20size-medium%20wp-image-2273%20src=https://ibekachikwu.com/wp-content/uploads/2020/07/cdfcd241-3c2d-45ba-b204-3c6e388d516c-300x200.jpg%20alt=%20width=300%20height=200%20//a){kind=link}