Haiti - Social : Access to electricity for 200,000 Haitian families over 10 years
The Fund created by the Government of Haiti, with the assistance of the World Bank and financed by the Clean Technology Fund and the Large-Scale Renewable Energy Renewal Program in Low-Income Countries (SREP), intends to key play a role to transforming Haiti's unreliable energy system, currently underdeveloped and focused on expensive fossil fuels, into a clean and sustainable energy system based on off-grid renewable energy sources and providing access to electricity to 200,000 Haitian households over the next 10 years, especially in rural areas where the electrification rate is barely around 5%.
The Fund was created for a period of 10 years with the objective of raising additional capital, beyond the current 17 million. The OGEF will invest in debt and equity in companies offering Haitians access to off-grid renewable energy solutions, ranging from mini-grids to solar "à la carte" products.
Bamboo will work in partnership with the Industrial Development Fund (FDI) in Haiti to associate associates local knowledge of FDI with Bamboo's experience in managing international funds investing in energy access solutions.
Jean-Philippe de Schrevel, Founder and Associate Director of Bamboo Capital Partners, says "Access to energy is one of the most important challenges facing the world [...] This problem is particularly striking in Haiti, where the majority of the population still does not have access to electricity. OGEF was launched to respond to this challenge by investing in companies able to provide Haitian households with clean, reliable and decentralized energy sources by avoiding the use of costly infrastructure in the process."
For his part, Nicolas Allien, SREP Project Coordinator in the Energy Department of the Ministry of Public Works, believes "Access to clean, modern energy for all Haitians, especially those living in remote areas [...] is one of the main objectives of the Government. The Government also understands that lack of access to sustainable financing is a major impediment to private initiatives to contribute to this goal. [...] The Government is confident in the ability of this Fund, under the leadership of Bamboo Capital Partners and FDI, to play a catalytic role in stimulating investment in off-grid access to energy in Haiti."
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Bamboo Capital Partners ("Bamboo") is an impact investing platform that provides innovative financing solutions for sustainable impact. Bamboo bridges the gap between start-up and growth financing through a full range of financing options, ranging from debt to capital activated unilaterally or through strategic partnerships. Founded in 2007, Bamboo's goal is to generate lasting impact and improve the lives of the world's poorest people while delivering high financial returns. Since its inception, Bamboo has raised more than $370 million for developing countries, generating a positive impact for more than 100 million people and contributing to the creation of more than 30,000 jobs in more than 30 countries. The company has a team of 30 professionals in Europe, Latin America, Africa and Asia.
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