REPP shows continued support for PowerGen with US$2m investment
The Renewable Energy Performance Platform (REPP) has provided US$2m in equity financing to leading African micro-utility PowerGen Renewable Energy (PowerGen) to support the company’s plans to connect one million more people to reliable electricity by 2024.
The investment is the latest show of support for the Tanzanian-based mini-grids company. Back in 2016, REPP provided early-stage funding assistance and support, and in July this year, the programme committed a US$3m results-based long-term senior loan to an innovative funding vehicle established by CrossBoundary Energy Access in partnership with the company.
REPP’s most recent investment forms part of a successful Series 2 round in which PowerGen also secured funding from Shell’s New Energies business, Omidyar Network, Acumen, EDFI ElectriFI, Sumitomo Corporation, DOB Equity, and Micro-grid Catalytic Capital Partners.
The funding is expected to strengthen PowerGen’s position in its core African markets of Kenya, Tanzania, Sierra Leone and Nigeria, and help it expand into new regions.