The Energy Entrepreneurs Growth Fund, EEGF, which originally makes provision of technical assistance and catalytic financing for startups in the energy industry has reportedly received funds from FinDev Canada to accelerate its investment initiative in Africa.
FinDev added $13m to EEGF net value that worth hundreds of millions endorsed by its founders to promote innovative clean energy suitable for corporate affairs and household utilities. Although EEGF was instituted by the Shell Foundation, its operations are supervised by a climate venture builder named Persistent and Triple Jump.
“FinDev Canada’s investment into the fund will help it expand its provision of flexible financing solutions for entrepreneurs, accelerating access to clean and reliable energy for millions of lives in Africa.”
Persistent is obliged to share lucrative advisory services to accelerate clean energy investment portfolio. Triple Jump is obliged to manage its overall budget, performance, and startups in its portfolio. The EEGF initiative is dedicated to providing catalytic resources to the African economy to attain sustainable development in underserved economies.
EEGF has been assisting the sub-Saharan regions of Africa on clean energy development since its debut in 2019 by Shell Foundation as the frontline founding father and the likes of FMO — the Dutch Entrepreneurial Development Bank, and British-based UKaid. FinDev Canada fancied the EEGF investment initiative to transform Africa’s low-income earners with clean energy.
EEGF has assisted the likes of Redavia with $3.7m, Yellow with $4m, and Baobab+ with $2.3m — these catalytic offerings are issued to develop clean energy solutions with Africa.
FinDev contributed the most offering via 2X Canada’s financial resources that suggested the Latin American and the Caribbean economies are populated by underserved communities as well as sub-Saharan Africa.