DFC and Shell Foundation unite on renewable energy project in Africa, Asia
The US International Development Finance Corporation (DFC) and Shell Foundation are collaborating in a bid to bring affordable renewable energy to more than 5 million people in low-income areas of Africa and Asia by 2025.
Shell Foundation, the UK-registered charity, intends to deploy more than $45 million grant funding by 2025 to build a pipeline of businesses that deliver distributed renewable energy to households, farmers, and businesses in off-grid areas. DFC hopes to approve up to $100 million early-stage debt and equity to support the growth of these businesses and leverage capital for further scale subject to these projects meeting DFC’s eligibility criteria.
The organizations signed a Memorandum of Understanding that enhances their ability to support the growth of social enterprises that deliver essential renewable energy services to people living on $2 to $10 a day in off-grid areas, with the aim to enhance income, education, health, and women’s economic empowerment.
