Projects

MyJouleBox

Period

2021

Country

Benin

Sector

Renewable energy

Financial facility

ElectriFI

ElectriFI invested a total of EUR 1.5m split (under the Benin Country Window) for EUR 500,000 into equity alongside Gaia Impact Fund and for EUR 1m into convertible notes together with Triodos Investment Management.

Project overview

ElectriFI contracted a EUR 1.5 million equity loan to create 31,000 new connections offering a sustainable, reliable source of energy to 155,000 beneficiaries. With the funding, the MyJouleBox plans to recruit 200 new staff. The company is specialised in the commercialisation, installation and maintenance of PV solutions in Benin. Since its inception in 2012, the company sold > 27,000 systems for total installed capacity of > 1.3 MWp. MyJouleBox is now looking at strengthening its market position in Benin and expanding into Burkina Faso and Togo.

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Funding objective

EDFI ElectriFI invested a total of EUR 1.5M in
MyJouleBox alongside other financiers with the aim to create 31,000 new connections offering a sustainable, reliable source of energy to 155,000 beneficiaries. With the funding, the company plans to recruit 200 new staff.

Investment rationale

EDFI ElectriFI’s investment aims to support a key off-grid player in West-Africa and to create high long-term impact via sustainable and affordable energy solutions.

Key Indicators

Financial Instrument

Equity loan

Amount

EUR 1.5 m

Year

May 2021

Targeted impact

Number of beneficiaries
155,000
GHG avoidance
41,456 tCO2eq/y