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In February 2021, OeEB invested USD 7.5 million in the Solar Energy Transformation Fund LLC ("SET"). The aim of the fund is to finance off-grid solar systems in order to improve energy supply and reduce CO2 emissions. The majority of the funds will be invested in Africa.
| Project name | Solar Energy Transformation Fund |
| Region |
Supra-regional (especially Sub-Saharan Africa) |
| Sector |
Energy / Resource efficiency / Infrastructure |
| Service |
Investment Finance |
| OeEB project volume |
USD 7.5 million |
| International climate finance according to UNFCCC | Yes |
| Additionality | Financial Additionality |
| Project partner(s) |
SunFunder |
Around one billion people worldwide still live without access to energy; Sub-Saharan Africa and South Asia are the regions with the largest deficits. Solar off-grid solutions have made a significant contribution to enabling access to electricity for millions of people in recent years.
The Solar Energy Transformation Fund with a total volume of around USD 70 million finances companies along the entire value chain in the field of solar home systems, offgrid solar systems for commercial and industrial companies, and so-called income generating assets (e.g. solar-powered pumps for irrigation or mini grids) with a focus on projects in Africa.
The fund matures in February 2028 and is the third debt fund in the off-grid solar sector for fund manager SunFunder. Other investors in the fund include DFC/OPIC, Swedfund and the IKEA Foundation.
Over the term of the fund, up to 3 million people are to receive access to power via off-grid solar solutions and around 250,000 tCO2 per year of greenhouse gas emissions are to be saved.