Shell-backed investment fund receives new funding

The Energy Entrepreneurs Growth Fund (EEGF), which was started by the Shell Foundation in 2019 with backing from the Dutch Entrepreneurial Development Bank FMO and UKaid, has received a further $13 million in funding from FinDev Canada to accelerate the availability of renewable energy in Africa.

EEGF focuses on financing energy businesses in sub-Saharan Africa, which is thought to account for three-quarters of people without access to electricity. The fund has an emphasis on the needs of entrepreneurs and female consumers, with renewable energy thought to be the most feasible way to electrify remote, off-grid communities.

Paulo Martelli, a vice president at FinDev Canada, said that electrification in Africa was already behind schedule before the COVID-19 pandemic, and the health crisis has slowed it further. He said the new funding would contribute to speeding up innovation in Africa’s clean energy sector again:

“By increasing EEGF’s capacity to invest in this sector, FinDev Canada and its 2X Canada facility support energy companies committed to expanding access to clean and reliable energy for African households and businesses, leading to inclusive and sustainable growth and the improvement of millions of lives.”

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