AFRICA: BII and Shell Foundation to invest $245 million in clean energy
British International Investment (BII) is entering into a new partnership with the Shell Foundation. The partnership aims to support the deployment of renewable energy through the financing of start-up companies in Africa and South Asia.
Providers of renewable energy and energy efficiency solutions will benefit from a partnership recently signed between the Shell Foundation and British International Investment (BII), the financial arm of the British diplomatic service. The two organizations are committed to investing $245 million in renewable energy by 2026 in Africa and South Asia.
In addition to financing renewable energy, the partnership aims to address financial barriers to early and mid-stage business development in several sectors, including electric mobility and agri-technology, as well as “supporting cross-cutting solutions in the areas of climate and gender inclusion,” the BII says.
“This partnership continues our goal of supporting emerging economies in their transition to and expansion of clean and reliable energy, which is inclusive, will create new employment opportunities, support resilient economic growth, and help bridge gaps in financing and access to energy,” says Yasemin Saltuk Lamy, managing director and head of asset allocation and capital solutions at BII.
The British financial institution is one of the development partners that have made a name for themselves in Africa in recent years with their commitment to renewable energy. A few months ago, the BII joined forces with the Norwegian Investment Fund for Developing Countries (NORFUND) and independent power producer (IPP) Scatec to invest $200 million in hydropower in Africa.
For its part, the Shell Foundation is funding decentralized renewable energy in countries such as Nigeria, where it is helping to implement the Nigeria Electrification Project (NEP) through the All On investment company. Recently, the foundation of the British oil company Shell bought Daystar Power. The Lagos, Nigeria-based company provides solar power to commercial and industrial (C&I) customers.