UNDP-CAP金融创新挑战：非洲清洁能源七项金融创新总结报告（英）

UnitedNationsDevelopmentProgramme

FinancialInnovations

forCleanEnergyinAfrica

PresentingtheSevenInnovationsSupportedbyUNDP’sClimateAggregationPlatform

January2024

UNDP

UNDPistheleadingUnitedNationsorganizationfightingtoendtheinjusticeofpoverty,inequality,and

climatechange.Workingwithourbroadnetworkofexpertsandpartnersin170countries,wehelpnations

buildintegrated,lastingsolutionsforpeopleandtheplanet.

Learnmoreat

orfollow

@UNDP

TheClimateAggregationPlatform(CAP)

TheClimateAggregationPlatformisaGlobalEnvironmentFacility(GEF)fundedflagshipinitiativeof

UNDP,whichseekstosupportthestructuringanddeploymentofinnovativebusinessmodelsandfinancialmechanismstoaccelerateenergyaccessandajustenergytransition.

TheCAPseekstoadvanceandraiseawarenessforinnovativesolutionstomarketbarriersforfinancialaggregationinthesmall-scale,low-carbonenergysector–withthegoaltoincreaseaccesstolow-costfinancingforcleanenergyinemergingmarkets.

Learnmoreat

/climate-aggregation-platform

0

GEF

TheGlobalEnvironmentFacility(GEF)isafamilyoffundsdedicatedtoconfrontingbiodiversityloss,

climatechange,pollution,andstrainsonlandandoceanhealth.Itsgrants,blendedfinancing,and

policysupporthelpdevelopingcountriesaddresstheirbiggestenvironmentalprioritiesandadheretointernationalenvironmentalconventions.Overthepastthreedecades,theGEFhasprovidedmorethan$23billionandmobilized$129billioninco-financingformorethan5,000nationalandregionalprojects.

Copyright©UNDP2024.Allrightsreserved.OneUnitedNationsPlaza,NewYork,NY10017,USA

Disclaimer:Theviewsexpressedinthispublicationarethoseoftheauthor(s)anddonotnecessarilyrepresentthoseoftheUnitedNations,includingUNDP,ortheUNMemberStates.

Coverphoto:UNDP/KarinSchermbrucker

Acknowledgements

Thedevelopmentofthisreportwasco-fundedbytheGEFandUNDP.ItwaspreparedbyUNDPwithinputsfromtheseven

CAPFinancialInnovationChallengeawardeeslistedbelow.

TheUNDPtaskteamresponsiblefortheproductionofthisreportwascomposedofTeresaLe,EduardoAppleyardandMateoSalomon.

ThereportincludesinputsfromLouisePos,Petervan

derLinde,PatriciaEspinosaandChristiaanPennekamp

(Hypoport),NicoleKugelmassandChristianeWurdemann(MirovaSunFunder),JudeSandouk,BenStorrsandGregorPatersonJones(PJ&Company/EVAF),AnshulPateland

AndreasLehner(InchargeEnergy/Powerblocks),ManonDuboisandSitenMandalia(SolarisOffgrid),GraceFentonOlatunjiandNjeriKara(Nithio),JonRidley(4RDigital).

Suggestedcitation:UNDP(2024).ClimateAggregationPlatform:FinancialInnovationsforCleanEnergyinAfrica,NewYork.

Page2|ClimateAggregationPlatform|FinancialInnovationsforCleanEnergyinAfrica

Contents

Acknowledgements02

Tableofcontents03

TheCAPfinancialinnovationchallenge04

UNDP’sClimateAggregationPlatform(CAP)04

Whatisfinancialaggregation?05

Theneedforinformationsharingaboutinnovativefinancialaggregationmodelsandstructures06

TheCAPFinancialInnovationChallenge07

TheWinners08

The7innovativefinancialmodels09

ClimateassetfinancialaggregationsolutionbyMirovaSunFunder09

AnelectricvehiclegrowthfundbyPJ&Co11

AI-enabledfinancingtoscaleenergyaccessbyNithio13

Afinancingplatformtoenhancemini-gridutilizationbyinchargeenergy15

PAYGOreceivablesfinancingplatformbySolarisOffgrid17

SyntheticsecuritizationforsolarhomesystemcontractsbyHypoportAfrica19

Adigitalplatformtobundledebtandresults-basedfinancewithclimatefinanceby4RDigital2

1

Page3|ClimateAggregationPlatform|FinancialInnovationsforCleanEnergyinAfrica

Photo:UNDP/KarinSchermbrucker

TheCAPFinancialInnovationChallenge

UNDP’sClimateAggregation

Platform

Lastyearmarkedthehalfwaypointtowardsthe2030

deadlineforachievingtheSustainableDevelopmentGoals(SDGs).1Whileconsiderableprogresshasbeenmade

towardsthe

SDG7

targetsoncleanandaffordableenergy,

inparticularinrelationtoenergyaccess(7.1),675million

peopleremainwithoutaccesstoelectricityandafurther

2.3billionhavenoaccesstocleancookingsolutions.2Basedonthecurrentpaceofprogress,effortsmustbesignificantlyrampeduptoachievetheSDGtargetsby2030.3What’smore,althoughcleanenergyisacrucialelementofmostNDCs,

moreambitioustargetsareneededtokeepusbelowthe1.5°Cthreshold.4

Distributedrenewableenergy(DRE)solutionssuchasmini-gridsoroff-gridsolararepoisedtoplayakeyroleinourpathtowardsuniversalenergyaccess;theyrepresenttheleast-

costoptionforaddressingalargeportionoftheelectricity

accessgap.5LookingbackattheDREsector’sremarkable

growthoverthepastdecade,thereisreasontobeoptimisticaboutitsfuture.However,wemustalsorecognizethattherearestillmanyhurdlestoovercomeiftheDREsectoristo

achieveitsfullpotential.

Thesectorremainsnotablyunderfunded,withthebulkof

investmentsbeingconcentratedinafewgeographiesandmarketplayers.Weneedtosignificantlyrampupthelevelof

1UNNews,2023,‘Halfwayto2030,world‘nowherenear’reachingGlobalGoals,UNwarns’,17July2023(

Link

)

2IEA,IRENA,UNSD,WorldBank,WHO.2023.TrackingSDG7:TheEnergyProgressReport.WorldBank,WashingtonDC.©WorldBank.License:CreativeCommonsAttribution—

Non-Commercial3.0IGO(CCBY-NC3.0IGO).(

Link

)

3Ibid.

4InternationalRenewableEnergyAgency(IRENA).2023.(

Link

)

5InternationalEnergyAgency(IEA).2020.(

Link

)

publicandprivateinvestmentinDRE.Toachievethis,new

approachesareneededtode-riskinvestmentsandcrowdinnewsourcesofcapitalandmakefinancingaccessibletomoreplayersinthespace.

Forthatreason,theClimateAggregationPlatform(CAP),aGEF-fundedflagshipinitiativeofUNDP,aimstosupportthestructuringanddeploymentofinnovativebusinessmodelsandfinancialmechanismstoaccelerateenergyaccessandajustenergytransition.

Morespecifically,theCAPseekstoadvanceandraise

awarenessforinnovativesolutionstomarketbarriersfor

financialaggregationinthesmall-scale,low-carbonenergy

sector6.Byfosteringinnovativefinance,wecanincrease

theavailabilityandreducethecostoffinancingforclean

energy,andultimately,wecanhelpmakeclean,reliable,andaffordableenergyaccessibletoeveryone.SustainableenergyisakeyenablerforachievingtheSustainableDevelopment

Goals(SDGs)anddeliveringthegoalsoftheParisAgreement.

LearnmoreabouttheCAPat:

/climate-aggregation-platform

.Contactusat

energy@

6Withinthesmall-scale,low-carbonenergyuniverse,theCAPisagnosticwithregardstotechnologysectors(e.g.,off-gridsolarPV,mini-grids,electricmobility,etc.)andbusinessmodels.

Page4|ClimateAggregationPlatform|FinancialInnovationsforCleanEnergyinAfrica

Whatisfinancialaggregation?

OneoftheinherentcharacteristicsoftheDREsectoristhesmall-scaleanddistributednatureoftheenergyassetsorprojectsinquestion.Whilethisrepresentsakeyadvantage,notablycontributingtothecost-effectivenessandrapid

deploymentofsuchsolutions7,8,italsobringsabout

challengeswhenitcomestofinancing.Ingeneral,financinglargenumbersofsmaller-scaleprojectsandbusinessesin

emergingmarketsischallengingandnotuniquetoenergy9butsectorspecificbarriersexist,includingtheparticularly

capital-intensivenatureofcertainbusinessmodelssuch

asPay-As-You-Go(PAYGO).UNDPworkedcloselywith

theClimateBondsInitiativetodocumentsuchbarriersandpotentialmarketenablersinthejointflagshipreport‘

Linking

GlobalFinancetoSmall-ScaleCleanEnergy

’.

ThissameresearchandsubsequentmarketassessmentsundertakenbytheCAPinEastAfricashowthatfinancialaggregationcouldhelpcountersomeofthesebarriers.ItcouldnotablyhelpreducethemismatchbetweenDREfundingneedsandinvestorrequirements,andinturn,

increaseinvestmentsinsuchsolutions.

Inessence‘financialaggregation’isusedtocreatescalebycombiningsmall-scaleenergyassets,projects,oraspectsofprojectsintoaportfolioinaprocessknownasbundling.10Larger-scalefinancingcanthenbeprovidedacrossthesebundledassetsbasedontheirfuturecashflows.

Financialaggregation

canoccuratmultiplelevels:e.g.,on

thebalancesheetofaPAYGOsolarcompany;ontheloan

bookofadomesticcommercialbank;andinmoremature

financialaggregationmarkets,viapublicsecuritizationsfromeitherprojectdevelopersorcommercialbanks,inthiswayaccessinginstitutionalinvestors.

7REN21.2019.Renewables2019GlobalStatusReport.(

Link

)

8MoreinformationontheadvantagesofDREsolutionscanbefound

here

.

9IIED.2019.Inclusivefinanceforuniversalenergyaccess.(

Link

)

10NationalRenewableEnergyLaboratory.2018.FinancialAndOperationalBundlingStrategiesForSustainableMicro-GridBusinessModels.(

Link

)

FinancialAggregation

Origination

Function

PoolofLoans

Payfor

illiquid

assets

Invest

money

SpecialPurpose

Vehicle

Issue

priorities

Paymenthierarchy

Senior

Subordinatedand

mezzaninetranchescanprovidecredit

enhancementorguaranteesto

seniortranches

Customers/Assets

Securization

PoolingFunction

Sellilliquidassets

Originator

Junior

Investor

Mezzanine

Figure1:DiagramofFinancialAggregationandSecurizationprocess

Source:AdaptedfromGreenBankNetwork,2019.GreenBankInsight:AggregationandSecuritization.(

Link

)

Itcantaketheformofsecuritizationoffuturecashflows

(i.e.,accountsreceivables)andtheaggregationofthese

intopoolingstructures,typicallySpecialPurposeVehicles

(SPVs).Itcanalsotaketheformofaggregationofprojects

intoportfoliosforprojectfinancepurposes.Securitizationofreceivablesismorecommonlyperformedinproduct-based

sectors,forexampleSolarHomeSystems(SHS),whileprojectaggregationismorecommonlydeployedinproject-based

sectors,mainlymini-gridsandcaptivepower.

Inaddition,financialaggregationcanalsobecomplementedthroughmechanismssuchascarboncreditsandrenewable

energycertificates.Finally,theconceptofaggregationcanbeconsideredmorebroadlytoincludeotherapproachessuchas‘bulkprocurement’(i.e.,aggregatingequipmentordersacrosscompaniestoenableeconomiesofscale)oraggregating

informationviadigitalplatforms11,etc.

Whendesignedcorrectlyanddeployedinsuitablemarkets,financialaggregationinstrumentscanofferfasterandmoreaffordableaccesstocapital.However,theseneedtogohandinhandwithadequatecreditriskmanagementandconsumerprotectionpractices12,andthenecessarysafeguards,to

ensurethatend-userscontinuetobenefitfromquality

energyservicestheycanafford,andthesustainabilityofthebusinessesbeingfinanced,whilealsoprotectinginvestors.

11IIED.2017.Turningupthevolume:Financialaggregationforoff-gridenergy.(

Link

)

12CGAP(2021),TwoSides,OneCoin:CreditRiskManagementandConsumerProtection.(

Link

)

Page5|ClimateAggregationPlatform|FinancialInnovationsforCleanEnergyinAfrica

Photo:UNDP/KarinSchermbrucker

Theneedforinformationsharingaboutinnovativefinancial

aggregationmodelsand

structures

FinancialaggregationholdsgreatpotentialtounlocknewsourcesofcapitalfortheDREsectorinemergingmarkets.TheCAPhasdocumentedseveralinnovativefinancial

structuresinvolvingsomeformofaggregationinthe

sector.Butuntilveryrecently,therewerefewexamplesoftransactionstrulyshowcasingthepotentialoffinancialaggregation.

In2023,twopioneeringreceivablesecuritizationstructureswereannouncedinvolvingmarketleadersintheoff-grid

solarsectorinEastAfricaasthesolerecipients.13These

transactionscouldpotentiallymarkaninflectionpointandpavethewayforfuturegrowth,buttheyalsoexemplifytheconcentratednatureofinvestmentsinthesector.

Ashighlightedinthe

CAP’srecentlylaunchedreportseries

,

financialaggregationinstrumentsarecomplex,andtheir

successfulimplementationdependsonafavourableenablingenvironment.Inthatsense,themarketisstillnascent,and

severalbarriersmustbeaddressediffinancialaggregationistobewidelyemployedintheDREsectorandscaledup,ratherthanconfinedtoafewgeographiesandmarketleaders.

Furthermore,oneofthekeyfindingsfromtheresearchand

extensiveconsultationsundertakeninthecontextoftheCAPistheneedtodemystifyfinancialaggregationtransactions.

Morespecifically,whiletherehasbeenpioneeringworkdonebyleadingDREcompanies,arrangers,andinvestorstoclosesuchtransactions,thisworkistypicallydoneinsiloes.Asa

result,thereislimitedknowledgedisseminationonhowtostructureandclosesuchtransactions.

13SeethepressreleasesfromSunKingandCiti

here

,andfromAfricanFrontierCapital(AFC)

here

andd.light

here

.

Tothateffect,theCAPhasnotablypublisheda

whitepaper

aspartofits‘FinancialAggregationforDistributedRenewableEnergy’reportseriesasaninitialattempttoshedlighton

themainingredientsinvolvedinclosingcost-effectiveand

scalableDREfinancialaggregationtransactions,andtoshareinsightsandlessonsfromreal-lifedemonstrationexamples.ThiswasalsoakeymotivationbehindUNDP’sCAPFinancialInnovationChallenge.

YoucanfindtheCAP’sReportSerieson’Financial

AggregationforDistributedRenewableEnergy’

here

andthewhitepaperon“MainstreamingFinancial

AggregationforDRE”

here

.

Page6|ClimateAggregationPlatform|FinancialInnovationsforCleanEnergyinAfrica

Photo:UNDP/KarinSchermbrucker

TheCAPFinancialInnovationChallenge(CAPFIC)

In2022,UNDPlaunchedtheCAPFinancial

InnovationChallengeto:

>CrowdsourceandfosterthedevelopmentofInnovative

FinancialAggregationStructuresandModelsthatcanhelpincreasetheavailabilityandreducethecostoffinancingforcleanenergyinemergingmarkets.And,indoingso,help

closetheinvestmentgaptoachieveuniversalenergyaccess.

>Facilitatethetransferofknow-howandinnovativesolutions

thatcanhelpovercomedevelopmentchallengesinemergingmarketsandcontributetotheachievementoftheSustainableDevelopmentGoals,notablySDG7onclean,affordable

energyforallandSDG13onclimateaction.

ThroughtheCAPFinancialInnovationChallenge,UNDP

aimedtosupportsolutionsatthedesignstage,sothat

novelfinancialaggregationstructuresandmodelscanbedevelopedthatcanleadtofinanciallyclosedtransactionsinEastAfrica,inthenearfuture.Moreover,thisalsooffersanopportunityforinformationdiscoveryonmarketbarrierstofinancialaggregation–andpossiblesolutions–whichcaninturnhelpguidepossibleinterventionstoaddresssuch

barriers.Thiscreatesa‘learningbydoing’experienceto

capturekeyinsightsandlessonslearntinareal-lifecontext.

Inresponsetothecallforapplications,UNDPreceivedmanysubmissionsfromaroundtheglobe,withverydiverseand

interestinginnovationsthattargetdifferentenergysub-sectorsandcountriesinEastAfrica.

Page7|ClimateAggregationPlatform|FinancialInnovationsforCleanEnergyinAfrica

Thewinners

Seveninnovationswerecompetitivelyselectedasthewinners

ofUNDP’sCAPFinancialInnovationChallenge

.Eachofthem

involvesadifferentapproachtofinancialaggregationtohelp

unlocknewsourcesoffinancingforthecleanenergysector,

includingclimatefinance.Theytargetdifferentsub-sectors

(e.g.,off-gridandon-gridsolar,mini-grids,productiveuse

appliances,e-mobilityandcleancooking,etc.)andcouldbe

ClimateAssetFinancialAggregation

SolutionbyMirovaSunFunder

deployedacrossdifferentcountriesinEastAfrica,including

Rwanda,Uganda,Kenya,Tanzania,Malawi,Ethiopia,

AnElectricVehicle

GrowthFundbyPJ&Co

Madagascar,Mozambique,andbeyond.

UNDPprovidedanawardofuptoUS$40,000toeachof

theseinnovatorstodevelopafeasibilitystudyfortheir

InnovativeFinancialAggregationStructureorModel–using

thatprocesstogrowfromaconcepttoamoredefined

solutionandgainabetterunderstandingoftheopportunity,

therequirements,andpossiblechallengestoovercometo

implementit.Thisalsoprovidedanopportunitytotestthe

initialideaandassumptionssotheycanbetweaked–In

somecases,thisledinnovatorstopivottoanupdated

AFinancingPlatformto

AI-EnabledFinancingtoScale

EnergyAccessbyNithio

model,informedbythefindingsfromthefeasibilitystudy.

Moreimportantly,theprocessenabledsynergiesbetween

innovators,unlockingnewopportunitiesforcollaboration.

EnhanceMini-GridUtilization

PAYGOReceivablesFinancingPlatformbySolarisOffgrid

byInchargeEnergy

Overthepastfewmonths,UNDPhasworkedcloselywiththe

seveninnovatorstocompletethisprocessandpromotethe

innovationstoabroaderaudienceandacrossitsnetwork.

4RDIGITAL

Thisreportprovidesasummaryofeachinnovationandthe

outcomeoftheCAPFinancialInnovationChallengeprocess,

highlightingkeylessonsandtakeawaysfromthefeasibility

studies,andthenextstepsdefinedbytheinnovators.

Thesevenfeasibilitystudiesresultedinover300pagesof

high-qualityinsightsandassessmentonfinancialinnovations

andaggregationmodelsforenergyaccessinemerging

markets.Thedetailedfeasibilitystudiesandadditional

SyntheticSecuritizationfor

SolarHomeSystemContracts

byHypoportAfrica

ADigitalPlatformtoBundleDebt

andResults-BasedFinancewith

annexescanberequestedfromeachoftheinnovators,whose

contactdetailsareprovidedinthisdocument.

ClimateFinanceby4RDigital

Page8|ClimateAggregationPlatform|FinancialInnovationsforCleanEnergyinAfrica

Climateassetfinancialaggregationsolution

byMirovaSunFunder

Theproblem

Thereisgrowinginterestinclimateassets–suchascarbon

creditsandDistributedRenewableEnergyCertificates(

D-RECs

)–asameanstoofferanadditionalrevenuestreamformini-gridcompanies,enablingthemtoimprovetheirbankability,ultimatelymakingcleanenergyaccessibletoalargerpopulation.

However,thesmallscaleofprojectsimpairsdevelopers’abilitytoseizethefullbenefitsofclimateassets,owingtothetimeandcostinvolvedindevelopingcarboncreditprojects,andthehighfinancingcostsrelativetothescaleforbothdevelopersand

lenders.Italsolimitsthebuyerpoolforcreditsandcertificates,giventherelativelysmallquantitiesissued.

Thesolution

MirovaSunFunder’ssolutionisablendedfinanceSpecial

PurposeVehicle(SPV)thataggregatescarboncredits

orD-RECSfrommultiplemini-griddevelopers(MGDs).

TheSPVwouldessentially‘buy’thecreditsgeneratedby

Source:MirovaSunFunder

i.Theaggregatorwillenterintoaframeworkagreementwithclimate

asset(carboncredit/D-REC)buyer(s).

ii.Theaggregatorwillbestructuredasablendedfacility,attracting

capitalfromconcessionalsourcesaswellascommerciallenders

andequityinvestors.

iii.Theaggregatorwillpulltogethertherightstofutureclimateassets

fromeligiblemini-griddevelopers–byenteringintoacontractwith

developersforthesaleoftheseclimateassetstotheSPV.

Theprojecttargetsmini-griddevelopers,climateassetsbuyersandinvestors

intheDREsectorinsub-SaharanAfricawithaninitialfocusonEastAfrica.

iv.Eligiblecompanieswillgothroughtheverificationprocessforeachbatchofcarboncredits/issuetheD-RECsonamonthlybasis.

v.Eligiblecompanieswillreceivepurchaseprice,partlyupfrontandpartlydeferred,tocreateanincentivefortheverification/issuanceoftheassets.

vi.Asoftwaresolutionwillberequired,forwhichthefacilitywillpartnerwitharelevantprovider.

theseprojects,soakupthepre-financingrequirementsandengagewithbuyersoftheassets,benefittingfromthescaleachievedthroughaggregation.

SeniordebtJuniordebtEquityGrants

Climateassetbuyers

CLIMATEASSETAGGREGATORENTITY

SaleofClimateAssets

OtherCatalyticCapitalProvider

PhilanthropicInvestors

DevelopmentPartners

ImpactInvestors

Foundations

MGDVIII

MGDVII

MGDIV

MGDVI

MGDIX

MGDIII

MGDV

MGDII

MGDI

DFIs

CAPFICsupport

WithsupportfromUNDP’sClimateAggregationPlatform,

MirovaSunFunderembarkedonresearchtoassessthe

feasibilityofpoolingclimateassetsinthemini-gridsectorasameanstoi)optimizedemand-sidepricingbycreatingbargainingpowerthroughscale;ii)reducethecostand

burdenofcarboncreditorD-RECprojectdevelopment;and

iii)de-risktheinvestment,enablingcapitalproviderstoinvestinthemini-gridsectorandinanemergingfinancialproduct.

ThestudythenfocusedonquantifyingthepercentageofCapitalExpenditure(CAPEX)thatcouldbefinancedwiththeclimateassets,asthekeymetrictoassessthefinancialappealoftheproposedsolutionfordevelopers.

Overthelastyear,MirovaSunFunderengagedwith

stakeholdersinthemini-gridsectorincludingdevelopers,

capitalandtechnologyproviders,aswellaspartiesinvolvedinboththecarboncreditandD-RECsectorstounderstand

thechallenges,opportunitiesandrequirementstoensurethefeasibilityoftheaggregator.

Page9|ClimateAggregationPlatform|FinancialInnovationsforCleanEnergyinAfrica

Photo:UNDP/KarinSchermbrucker

Keylessons&takeaways

Resultsshowedtheclearbenefitofaggregation:Whilst

asingledeveloperwouldonlycover0.92percentofits

initialCAPEXthroughthesaleofcarboncredits,thatratio

improvedto1.72percentwiththeaggregationapproach.

WhenconsideringD-RECshowever,asingledeveloperwouldcover2.34percentofCAPEX,whiletheaggregatormetric

stoodat5.79percent.Onthebasisoffinancialresultsalone,aggregatingD-RECswouldseemtobemoreeconomicallybeneficialformini-griddevelopers.

MirovaSunFunderfurtherconcludedthatamixofthe

followingelementswouldlikelymakeamoresignificantmarkonthesector:

i)largerscale;

ii)lowercostofcapital;and

iii)apartnershipwithalargersalesplatform–enablingdeveloperstoaccessimprovedassetpricingthroughbargainingpower.

Thisoutcomejustifiesaholisticandblendedapproachto

mini-gridsfinancing,inwhichclimateassetscanbeoneofthesourcesoffunding.AccordingtoMirovaSunFunder,thereis

immensepotentialtoscaleuptheaggregatorstructureacrossdifferentregionsandsectors(e.g.,SolarHomeSystems(SHSs),cleancooking,CommercialandIndustrial(C&I)solar,etc.).

Theaggregatedsolutionenhances

thesustainabilityofmini-gridoperations

byprovidinganadditionalrevenuestream,improvingthebankabilityofthesector.

–NicoleKugelmass,MirovaSunFunder

Nextsteps

>Attractgrantfundingfordesignandstructuringphase;

>SignaLetterofIntent(LOI)withmini-griddevelopers;

>SignLOIwithfinancingpartners;

>AssessrequirementsandsignLOIwithsoftwareprovider.

Thenextstepswillrequiresupportfrom:

·Capitalproviders–particularlyconcessionalcapitalfori)atechnicalassistancefacilitytosetuptheproject;andii)afirstlosstranchefortheblendedstructure.

·Largecorporatesinterestedinoffsettingemissions:

EmissionsReductionsPaymentAgreements(ERPAs)or

offtakeagreementswillde-risktheinvestmentforlendersandcapitalproviders.

·Stakeholdersinthesector–Achievingscalerequirescoor-dinationandalignmentacrossstakeholderstoavoidmarketfragmentation.

AboutMirovaSunFunder

MirovaSunFunder’smissionistopioneerandscaleclimateinvestmentsinemergingmarketsbyofferinginnovative

financialsolutionsandadvisoryservicestocleanenergytransitioncompaniesandprojectsinAfricaandAsia.Their40-personteam,basedinNairobi,LondonandParis,hasbuiltthemostextensivetrackrecordofdistributedsolarinvestmentsinAfrica–financingover60solarcompaniesoverthelastdecade.

SunFunderwaslaunchedin2012andinJune2022,itjoinedforceswithimpactinvestingleaderMirovatoaccelerate

emergingmarketcleanenergyandclimateinvestmentsasMirovaSunFunder.

Havingbeenthefirstmoversinfinancingoff-gridsolar,MirovaSunFunderisnowscalingupitsinvestmentsinnewsectors

andgeographieswithitsnew$500millionGigatonstrategy.

Contactdetails:

Nicole.kugelmass@

|

www.

Page10|ClimateAggregationPlatform|FinancialInnovationsforCleanEnergyinAfrica

Thesolution

TheElectricVehicleAfricaFund(EVAF)isanovel

financingplatformthatwillprovidedebtandequity

capitaltohelpEVfirmsscaleup–EVAFwilltargetfirmswithaproventechnology,lookingforSeriesBfundingfornationalor