REEEP Partner Redavia has secured an investment commitment for up to USD 5m from InfraCo Africa to scale-up its rental solar business in Tanzania.
From the InfraCo release:
InfraCo Africa has committed to invest up to US$5m to fund the growth phase of a solar photovoltaic rental business in Tanzania. Redavia Tanzania Asset Ltd. (‘Redavia’) was founded in 2014, with support from its parent organisation Redavia GmbH, the Shell Foundation, REEEP and others. Redavia supplies containers, with an installed capacity of 91KWp of solar power, to businesses and communities across Tanzania. The solar PV containers can be deployed and installed in less than six days and connect directly to low voltage grids: they displace energy from diesel generators, reducing operating costs and carbon emissions. InfraCo Africa will fund an initial pilot (two containers) in early 2016 and, if successful, fund deployment of a further 30 containers.
InfraCo Africa is a multi-government funded, privately managed company providing early stage development capital and expertise to develop infrastructure projects in sub-Saharan Africa. It acts as an ‘honest broker’ seeking to create viable infrastructure investment opportunities that balance the interests of host governments, the national and international private sector and providers of finance.
