REPP makes first COVID-related disbursement
The Renewable Energy Performance Platform (REPP) has issued a $600,000 loan to help solar home systems company, PEG Africa, cope with the effects of COVID-19.
The one-year loan is the first disbursement by REPP through its dedicated COVID-19 working capital support facility, which was set up earlier this year to help ease the economic burden for affected companies and ensure that operations continue.
PEG Africa, which is focused on West Africa, submitted an application so that it would have the funds to continue to grow despite the pressures caused by COVID-19. The application was approved by REPP’s Investment Committee and the funds were disbursed in October 2020.
Geoff Sinclair, Managing Director of REPP’s investment manager, Camco Clean Energy, said: “For the last few years PEG Africa has done amazing work providing clean energy access to off-grid communities across Cote d’Ivoire, Ghana, Mali and Senegal, but COVID-19 has created additional pressures, just as it has for most businesses in the renewable energy space.
“REPP’s $600,000 loan will help the company ride out the storm and continue to develop and grow its much-needed service.”
REPP’s working capital facility is open to all existing REPP investees, as well renewable energy companies not currently supported through the programme seeking to ameliorate the impact of the pandemic. In addition to the working capital facility, all REPP investees that have interest bearing loans were offered a three-month interest and capital moratorium in response to the pandemic.
- Find out more about REPP’s work with PEG Africa ici.