Les Soleils du Bénin

Period

2023

Country

Benin

Sector

Renewable energy

Financial facility

ElectriFI

Project overview

Générale du Solaire International and Africa
Renewable Energy System & Solution (“ARESS”) have developed a portfolio of 12 mini grids in Bénin. Both companies have teamed up with a financing partner, NEoT Offgrid Africa, to create “Les Soleils du Bénin”, a SPV in charge of building and operating the mini grids. The goal is to install 1,7MW of PV and 3MWh of battery,
supplying more than 5.000 homes and businesses with electricity. The total project costs of c. EUR 9m is partially financed by subsidies from the MCA-Benin II Offgrid Clean Energy Facility.

Funding objective

ElectriFi has approved a EUR 3.1m Senior Debt to Les Soleils du Bénin to complement the equity financing already provided by NEoT Offgrid Africa.

Investment rationale

The investment recommendation is supported by its additionality, a robust business plan, the local footprint of the EPC Contractor and Operator (ARESS), the expected impact and the catalytic impact of ElectriFi’s investment which is required to achieve a long-term
financing structure that is needed to support the deployment of such assets.