EDFI launches ElectriFI

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Launching of an Electrification Financing Initiative, ElectriFI, by the European Commission and members of the European Development Finance Institutions – EDFI

ElectriFI, an initiative of the European Union (EU) and EDFI, was launched at COP21 in Paris on 4 December 2015. ElectriFI will support renewable energy investments with a focus on rural electrification.

Addressing the lack of access to clean, reliable and affordable electricity and energy services is a major development challenge and a key pillar of Climate Change policy. Cost-efficient access is central to inclusive and equitable economic growth in all sectors and a precondition for the poorest of the planet to be able to escape the worst impacts of poverty. Reaching the goal of global access through sustainable solutions is fundamental for mitigating the worst impacts of climate change, which most affect the poor.

What is ElectriFI?

ElectriFI, elaborated by the industry and development financiers, is a flexible tool aiming to support investments providing access to reliable, affordable and sustainable electricity and energy services in developing countries.

ElectriFI will constitute a comprehensive and inclusive platform for investment support services, rendering due attention to bankability at very early stages, whilst facilitating access to senior debt at later stages.

The main actor to be targeted is the private sector. Public institutions, including Local Authorities, may also benefit, considering the needs and opportunities in each targeted country/region. The involvement of partners from local private sector and Civil Society Organisations will be instrumental to enhancing effectiveness and ownership of the actions deployed.

EDFIs, together with other major development financiers active under the EU blending framework, have elaborated and submitted a concrete proposal to start the implementation of ElectriFI with an initial EUR 75 million funding committed by the European Commission. ElectriFI will be managed by a Brussels-based Management Company to be established by EDFI in the start of 2016.

For further information please refer to http://electrifi.org