Social Impact Investor Provides Financing to Rural Benin Off-Grid Energy Project

Social impact investor Oikocredit is providing long- term project financing to Weziza Benin, an off-grid distributed energy enterprise, to connect 40,000 people in rural Benin to solar electricity. With Oikocredit’s support, Weziza Benin will provide 21 rural communities with clean, affordable and reliable electricity generated through renewable energy systems designed as solar photovoltaic-powered mini-grids. The project is also supported by funding from the Millennium Challenge Account–Benin II and Agence Béninoise d’Electrification Rurale et de Maîtrise d’Energie, with a grant for each community connected. Weziza Benin is part of the Energicity group of companies that, since inception in 2015, has been a global energy transition pioneer offering solar solutions to clients in emerging markets around the world. Energicity has installed and commissioned 44 projects to date with a total capacity of 1.45 megawatts, serving more than 47 communities.It has a further 37 installations with a capacity of over two megawatts under development.

Nicole Poindexter, CEO, Weziza Benin: “We at Weziza Benin are thrilled by our new partnership with Oikocredit. Oikocredit’s commitment to the sustainable eradication of energy poverty and the empowerment of low-income people and communities aligns perfectly with our goals. Through this partnership Weziza Benin will provide solar power to encourage families with light for their children to study, enable entrepreneurs to grow their businesses and help clinics provide modern health care – in short, the partnership will enable rural communities in Benin to thrive.” Siebren Wilschut, Investment Officer, Oikocredit: “We’re delighted to support Weziza Benin as they expand their provision of access to safe, clean and reliable energy. Renewable energy mini-grids have enormous potential to meet the needs of millions who currently experience energy poverty, to support productive uses of electricity and to stimulate development in rural communities. With Oikocredit’s support, Weziza Benin will continue to scale up its social impact for the benefit of thousands of households.”

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Written by Mercy ANURIKA

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