Improving energy access in remote areas through financing for SMEs and microfinance institutions
50-250 Mio. EUR
Applied Financing Solutions
In operation since/from: 2017
One billion people worldwide have no access to energy. The “SIMA Off-grid Solar and Financial Access Senior Debt Fund” targets climate change by creating off-grid energy access to millions of households living with little to no energy access in Sub-Saharan Africa and South Asia.
Solar off-grid solutions, ranging from simple solar lamps to solar home systems and solar mini-grids for remote villages, represent an environmentally friendly, reliable and cost-effective alternative to diesel generators and kerosene lamps. They enable millions of households access to energy without harming the environment.
SIMA focuses on providing financing to small and medium-sized companies who manufacture, distribute, and/or finance standalone solar systems in more than 15 developing countries. OeEB has been providing long-term financing of USD 9.5 million to the SIMA fund since June 2019.
Success Factor | Hero Moment
Since the fund’s inception in October 2017, portfolio companies have created more than 7 million off-grid solar connections. The fund’s portfolio companies employ about 14,000 full-time employees and create extra income for 24,000 more people working on a commission-basis.
Oesterreichische Entwicklungsbank AG (OeEB), Austria