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Ignite Power Secures Grant Support from Catalytic Climate Finance Facility to Launch Climate Credit Enhancement Facility

Angela Homsi, Ignite Power's President, receives the Zayed Prize by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE

Angela Homsi, Ignite Power's President, receives the Zayed Prize by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE

The Disruptive New Initiative is Set to Transform Off-Grid Solar Sector, Providing Financial Security for Last-Mile Electrification Projects

We are committed to tirelessly designing and implementing forward-thinking, disruptive models to connect communities in need and pave the way to a sustainable and inclusive future”
— Angela Homsi, President, Ignite Power

DUBAI, UAE, December 6, 2023 /EINPresswire.com/ -- Ignite Power, a UAE-based climate-tech company scaling sustainable infrastructure solutions across Africa, proudly announces the receipt of grant support from the esteemed Catalytic Climate Finance Facility to introduce the groundbreaking Climate Credit Enhancement Facility (CCEF). This disruptive initiative aims to revolutionize the off-grid solar sector by offering a smart, data-driven guarantee mechanism for customer payments, thereby mitigating risks associated with ongoing payments and enabling accelerated growth in the sector.

Off-grid solar solutions have emerged as the most sustainable, scalable, and affordable means for providing electricity to remote rural communities. These solutions, particularly under the pay-as-you-go model, have already made a profound impact by granting hundreds of millions access to electricity. However, the customer payments under its model, primarily of some of the world's poorest families, pose significant risks, deterring potential investors and financiers from supporting this thriving sector.

The CCEF, designed by Ignite Power, aims to eliminate these risks, facilitating capital mobilization at scale. This strategic endeavor aims to extend off-grid solar solutions to an additional 100 million people across the Sub-Saharan African region, paving the way for universal sustainable energy access.

"We are deeply honored to partner with such a prestigious organization that shares our vision for a disruptive model poised to generate substantial, large-scale impact”, says Angela Homsi, Ignite Power President. “This collaboration exemplifies our commitment to innovative solutions that transcend barriers and foster inclusive growth."

Ignite Power has established itself as a leading executor of last-mile solar electrification projects, successfully connecting 2.5 million people across 18,000 villages. These initiatives have also contributed significantly to environmental sustainability by saving 600,000 tonnes of greenhouse gas emissions. The company proudly secured the 2023 Zayed Sustainability Prize for the Energy category, reaffirming its dedication to disruptive sustainable technologies and models.

"Despite remarkable progress in recent years, hundreds of millions of people across Africa still live without access to electricity,” says Homsi. “We are committed to tirelessly designing and implementing forward-thinking, disruptive models to connect these communities and pave the way to a sustainable and inclusive future".

About Ignite Power:

Ignite Power is a leading climate-tech company specializing in last-mile solar-based infrastructure solutions. With a mission to provide clean, reliable, and affordable energy access to 100 million people across Africa, Ignite Power continues to lead the way in sustainable energy innovation, creating impact at scale and creating a cleaner, more inclusive future for Africa and the world.

About the Catalytic Climate Finance Facility (CC Facility)

The Catalytic Climate Finance Facility (CC Facility) accelerates the implementation of high-impact, ready-to-scale financial structures through a suite of services that include grant funding, technical support, and a market-building learning hub. The CC Facility fills a market gap and reduces market fragmentation to mobilize private capital for climate action in developing economies. The CC Facility is a partnership between Climate Policy Initiative and Convergence. The CC Facility has raised USD 13 million to date and is fundraising for a second round of USD 10 million by September 2024 as we move toward our goal of reaching USD 100 million in size over the next few years.

About Convergence

Convergence is the global network for blended finance. On top of market acceleration through its Design Funding program, Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries. Convergence’s global membership includes over 160 public, private, and philanthropic investors as well as sponsors of transactions and funds. Convergence’s Design Funding Program operates as a market acceleration tool providing early-stage capital to support blended finance solutions in frontier markets and nascent sectors to accelerate the number of investible transactions in market targeting SDGs.

About Climate Policy Initiative

CPI is an analysis and advisory organization with deep expertise in finance and policy. Our mission is to help governments, businesses, and financial institutions drive economic growth while addressing climate change. CPI has six offices around the world in Brazil, India, Indonesia, the United Kingdom, and the United States. CPI serves as the Secretariat for the Global Innovation Lab for Climate Finance (the Lab), an incubator program that develops innovative financial mechanisms to drive private investments into climate change mitigation and adaptation in developing economies.

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