Global Infrastructure SherpaIFC provides $100M financing package to Release by Scatec for modular solar PV and battery storage solutions in Africa
USD100M
Deal Value
71 MW
Capacity
IFC provided a $100M financing package to Release by Scatec, enabling the deployment of modular solar PV and battery storage solutions across Africa. This facility will scale ready-.
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Counterparts (7)
Lender
International Development Association's Private Sector Window (IDA PSW) Blended Finance Facility
The International Development Association's Private Sector Window (IDA PSW) is a $2.5 billion blended finance facility, established under IDA18, that has supported over $10 billion in private investment across IDA-eligible countries, particularly fragile and conflict-affected situations. It provides concessional financing and risk mitigation to IFC and MIGA to catalyze private sector projects in critical infrastructure, manufacturing, and services.
IFC (International Finance Corporation)
Global development finance institution with $56B in assets under management, investing in infrastructure across emerging markets. Focuses on energy, transport, digital, and social infrastructure in over 100 countries through equity, debt, and advisory services.
F
Finland-IFC Blended Finance for Climate Program
The €114 million Finland-IFC Blended Finance for Climate Program mobilizes private capital for climate-related infrastructure projects in developing countries, focusing on renewable energy, energy efficiency, and sustainable resource management.
Canada-IFC Renewable Energy Program for Africa
The C$150 million Canada-IFC Renewable Energy Program for Africa, launched in 2018, mobilizes private sector investment into renewable energy projects across Africa, focusing on solar, wind, hydro, and geothermal.
C
Canada-IFC Blended Climate Finance Program
The Canada-IFC Blended Climate Finance Program is a multi-country initiative mobilizing public and private capital to finance climate mitigation and adaptation projects in developing economies. It provides concessional and commercial financing to de-risk and accelerate investments in renewable energy, energy efficiency, and climate resilience.
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The $100 million financing package from IFC and its partners will add 71 MW of modular solar PV and battery storage capacity to national grids in Chad and Cameroon, directly addressing erratic power supply and high tariffs. This blended finance structure, with $50 million from IFC's own account and $50 million from programs like IDA PSW and Canada-IFC, demonstrates a concerted effort to de-risk renewable energy investments in challenging African markets. Release by Scatec, a Scatec ASA entity, is deploying these hybrid solutions to provide cost-competitive, reliable electricity, aiming to reduce the region's carbon footprint. The initiative's focus on modularity suggests a strategic approach to rapid and scalable grid integration.
- The $100 million financing package is evenly split between IFC's own account ($50 million) and blended finance ($50 million) from multiple programs.
- The initiative will add 71 MW of hybrid capacity, specifically 35 MW in Chad and 36 MW in Cameroon, to national grids.
- Key blended finance contributors include the International Development Association's Private Sector Window (IDA PSW) Blended Finance Facility.
- Release by Scatec, a provider of modular solar PV and battery storage, is the borrower, backed by renewable energy solutions provider Scatec ASA.
Timeline
Announced
Dec 13, 2023
Signed
Closed
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