Centro de Recursos
REPP ramps up support for ambitious PAYG solar home systems initiative in Cameroon
The Renewable Energy Performance Platform (REPP) has topped up its original investment in solar home systems (SHS) developer upOwa by €500,000, bringing the total now invested in the company to €1.8m.
Cameroon-based upOwa is aiming to connect over 900,000 people to clean electricity for the first time by 2023, creating over 650 local jobs in the process. The project will lead to nearly 9,500 tonnes of avoided GHG every year by 2023, directly supporting Cameroon’s NDC target to reduce GHG emissions and make renewables 25% of the country’s energy mix by 2035.
REPP’s €500,000 convertible loan follows a €1.3 million equity investment made as part of upOwa’s €3 million capital raise in 2019. French family-owned impact investment company Colam Impact, which previously invested in equity, is also committing a convertible loan alongside REPP.
The new funding will help strengthen upOwa’s capital base, enabling the company to meet debt-related covenants while scaling up.
To find out more about the project, click aqui.