Oikocredit Lends Ecoligo €5 million to Provide Solar Power to SMEs in Africa
Ecoligo to supply solar energy to SME’s and NGOs in Ghana and Kenya.
Ecoligo, a Berlin (Germany)-based solar energy provider is getting a €5 million loan from Oikocredit, a Netherlands-based microcredit institution. Ecoligo installs and leases solar photovoltaic power plants to small and medium-sized enterprises (SMEs) and non-governmental organizations (NGOs). This loan would provide clean energy to 15 SMEs and NGOs.
“Through significant cost savings, the SMEs and NGOs will be able to secure more jobs in local communities while reducing their CO2 emissions,” Siebren Wilschut, Oikocredit’s investment manager, said.
Ecoligo was established in 2016 and has installed and commissioned 58 projects comprising 19.2 megawatts. They have helped at least 41 businesses and NGOs reduce their CO2 footprint while helping reduce costs. They have signed an additional 71 installation agreements with an installed capacity of 41.7 megawatts.
Markus Schwaninger, CFO at Ecoligo, said: “It is a great pleasure to work with such an esteemed and renowned partner as Oikocredit who shares our mission. Thanks to their support, we have been able to scale up our operations in sub-Saharan Africa and to bring more solar projects to life than ever before, allowing us to create meaningful change. We are looking forward to creating more social impact together with Oikocredit”.
Top Photo: Solar panel system, alternative photovoltaic energy concept in Africa (Inge Hogenbijl | Dreamstime)