The European Investment Bank (EIB), which is one of the world’s biggest renewable energy financiers, has agreed to provide Fenix International, a subsidiary of ENGIE, with a $12.5 million loan to support the deployment of 240,000 quality solar home systems in Uganda.
The solar home systems will be used by Fenix to supply reliable and clean energy to over one million people who are living in rural areas and underserved by the country’s main grid. This will help bridge the country’s energy access gap.
Ambroise Fayolle, EIB Vice President said, “Unlocking sustainable economic and social development through off-grid solar is key for Africa’s future and the EIB is pleased to back this project in Uganda”.
Fenix will also provide an ultra-affordable PAYGO system that will allow consumers to repay the cost of equipment over years at less than $0.20c a day. The new EIB financing will also allow for the equipment purchased in US dollars to be repayable in Ugandan shillings.