responsAbility expands climate financing to target Ghana’s C&I sector
Teaming up with solar PV company REDAVIA
Zurich and Munich, 10 October 2018 — responsAbility is further expanding its portfolio of companies active in the distributed energy area: Solar technology company REDAVIA and the responsAbility-managed climate fund have signed a financing agreement for REDAVIA's Ghanaian subsidiary. The USD 4 m financing will allow REDAVIA to supply Ghana’s industrial and commercial sector with affordable, reliable and clean power generated through modular solar farms.
The latest addition to the responsAbility portfolio of companies active in the distributed energy field, REDAVIA offers solar power for businesses and communities with a regional focus on East and West Africa. The Germany-based company with subsidiaries in Ghana, Tanzania, Kenya and Luxembourg has a proven track-record in solar farm design, manufacturing, deployment and maintenance and targets the local business community including agro-foods processing, manufacturing, public infrastructure, hospitality & real estate companies, mining & minerals, communities and utilities.
In order to further expand its business in Ghana, REDAVIA is obtaining debt financing amounting to USD 4 m. responsAbility and REDAVIA have worked together on this innovative and first of its kind debt facility, the Industrializing Africa Solar Funding Platform, which combines an efficient use of funds and a scalable facility for other potential funding partners.
The REDAVIA solar farm is based on a pre-configured system, consisting of high-performance solar modules and high-quality electrical components. It is easy to ship, set up, scale and redeploy. Flexible lease agreements allow customers a cost-effective, reliable and clean energy solution with just a minimal upfront investment, and operational adaptability to market changes.
REDAVIA solar power enables a seamless integration into the existing electricity supply infrastructure of a business or community to ensure a more cost-effective and cleaner energy mix - with diesel generators, in a battery set-up or as a reliable complement to grid-connected power. As such, REDAVIA is supporting the reduction of carbon emissions and increasing the impact on a sustainable society.
Speaking on behalf of responsAbility, Stefan Issler, Head Energy Debt Financing – Direct Investments, declared: “We are thrilled to expand our financing activity in the distributed energy area by adding a provider of a scalable business model for the industrial and commercial sector to our portfolio. The reliable availability of affordable electricity is a key prerequisite for economic development, and we are pleased to actively support REDAVIA in their contribution to the SDGs.”
“Ghana continues to be a very promising market for us and we are excited that responsAbility has the trust and confidence in our ability to deliver and add value to its portfolio,” stated Erwin Spolders, CEO and Founder of REDAVIA. “This partnership will empower us to grow further and faster in the country, subsequently enabling Ghanaian companies to save money and thrive - thanks to REDAVIA solar power.”
responsAbility Investments AG
Ulli Janett, Media Relations
+41 44 403 06 33
ulli.janett [at] responsAbility.com
+49 89 2426 8869
a.kempf [at] redaviasolar.com
About REDAVIA (redaviasolar.com)
REDAVIA offers solar power for businesses and communities – with a regional focus on East and West Africa. The REDAVIA solar farm is based on a pre-configured system, including high-performance solar modules and high-quality electrical components. It is easy to ship, set up, scale and redeploy. Businesses and communities benefit from a cost-effective, reliable and clean energy solution with minimal upfront investment and no technical skills required, supporting the reduction of carbon emissions and increasing the impact on a sustainable society.
About responsAbility Investments AG (responsAbility.com)
responsAbility Investments AG is a leading asset manager in the field of development investments and manages a range of investment vehicles that supply private debt and private equity to high-impact portfolio companies in the agriculture, energy and finance sector of emerging economies.
responsAbility has USD 3 billion of assets under management invested in 540 companies in 90 countries. Founded in 2003, the company is headquartered in Zurich and has local offices in Bangkok, Geneva, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris. Its shareholders include a number of reputable institutions in the Swiss financial market and its own employees. responsAbility is regulated by the Swiss Financial Market Supervisory Authority FINMA.