Shell Foundation and FMO launch SSA-focused energy fund
ANNA LYUDVIG: DEC. 5, 2019, 3:22 P.M. Shell Foundation, a UK-registered charity, together with FMO, the Dutch entrepreneurial development bank, have launched the $120m Energy Entrepreneurs Growth Fund (EEGF), with an initial close of $45m.The fund will provide catalytic financing to early to growth stage companies in Sub-Saharan Africa (SSA) operating in the access to energy ecosystem.
Sam Parker, Director, Shell Foundation, said: “The EEGF will help to bridge the funding gap which today prevents early stage, growing energy companies from accessing the range of risk capital and business support they need to develop to the next stage and ultimately attract commercial capital.”
“To reach the UN Sustainable Development Goal 7 and deliver universal energy access, an additional 300+ companies will require funding of $10m on average to become cashflow positive and grow to sufficient scale to deliver energy services to millions of consumers in sub-Saharan Africa,” he added.