Empowering Burundian Households with Clean Energy Solutions
Today, Amped Innovation announced an expansion of financing with EDFI ElectriFI. In 2021, Amped secured $6 million for a revolving Working Capital Facility (WCF) from EDFI ElectriFI to co-finance Solar Home Systems (SHS) and productive appliances. In August, the facility was expanded to $1 million USD for furthering energy access specifically in Burundi for WowSolar and EasyFreeze systems.
This transaction involves a revolving Working Capital Facility (WCF) to co-finance Amped orders for solar home systems, which will be deployed in Burundi through a network of local distributors. The primary objective of this initiative is to provide clean and reliable energy solutions to over 3,000 Burundian households, significantly contributing to improving energy access in the country.
The partnership with Amped Innovation in Burundi marks a crucial milestone for EDFI ElectriFI’s mission to drive a positive impact in this country. Through this collaboration, Amped will actively invest resources in Burundi and explore new business development opportunities, enhancing the potential for sustainable energy growth in the country.
Commenting on the significance of this collaboration, Lionel Dieu, Senior Investment Officer at EDFI ElectriFI, stated, “Burundi has been neglected by the commercial investors community for many years, mainly due to large deficits and Foreign Exchange shortages. Yet, the local population’s need for electricity is immense. In this context, we are glad to have found with Amped a commercial partner willing to address this energy gap.”
Andi Kleissner, Co-CEO of Amped Innovation, expressed enthusiasm about the partnership, saying, “To date, Amped has deployed $5m of clean energy solutions to poor off-grid households through EDFI ElectriFI’s pioneering working capital financing. With this new Burundi window, we are thrilled to expand our work to serve Burundian households. EDFI ElectriFI’s increased flexibility with this $1m funding window for Burundi will make a meaningful difference in the lives of thousands of people, including those who are the hardest to reach.”
The collaboration between EDFI ElectriFI and Amped Innovation began in 2018, with a shared vision to address the pressing energy needs in Sub-Saharan Africa, including in Nigeria.
In support of this landmark, Mr Claude Bochu, Head of Delegation European Union to Burundi, stated, “We are delighted to witness EDFI ElectriFI’s commitment of USD 1 million to Amped Innovation, a leading manufacturer of Solar Home Systems (SHS) and productive appliances, in Burundi. This transformative investment also represents a significant contribution to socio-economic development and improving overall living conditions. Burundi, like many other nations, faces energy challenges, and the local population’s need for electricity is undeniable. With this strategic investment, we are pleased to see AMPED taking a proactive approach to address this energy gap, ensuring that more households have access to modern and environmentally friendly energy solutions,” Mr. Claude Bochu emphasized.
EDFI ElectriFI and Amped Innovation are committed to the successful implementation of this transformative project, which will undoubtedly leave a lasting positive impact on the lives of Burundian households.
About EDFI ElectriFI:
EDFI ElectriFI is an EU-funded impact investment facility that focuses on financing early-stage private companies and projects, with a particular emphasis on improving electricity access and supporting sustainable energy generation in emerging markets. Managed by EDFI Management Company, ElectriFI aims to foster positive economic, social, and environmental impacts through strategic investments.
About Amped Innovation
Amped Innovation is a social venture that builds affordable, reliable solar products for farmers, fishers, shopkeepers, and households in emerging markets, so they can climb the energy ladder and earn money using solar power.