FEDA, Meridiam-backed NEoT Offgrid Africa and Oikocredit ink deals

 FEDA, Meridiam-backed NEoT Offgrid Africa and Oikocredit ink deals

The Fund for Export Development in Africa (FEDA), a development impact investment platform of African Export Import Bank, has announced a $85 million investment into ARISE Integrated Industrial Platforms (ARISE IIP), the pan-African infrastructure developer and operator.

FEDA made its first close at $670 million and aims to raise a total of $1.3 billion over the coming months. It is a long-standing partner of ARISE IIP, a firm led by Gagan Gupta. With this investment, FEDA joins AFC, ARISE IIP’s controlling shareholder, to support the company’s development strategy.

ARISE IIP recently accelerated its expansion across Africa with the signing of four new agreements this year alone to develop five special economic zones across five countries: Rwanda, Democratic Republic of the Congo, Republic of Congo, Chad and state of Ogun of Nigeria.

The firm already has projects or assets in Gabon, Benin, Togo, Congo and Ivory Coast. Moreover, the pan-African infrastructure developer and operator is currently developing other assets in Nigeria, Chad and in the Democratic Republic of the Congo.

NEoT Offgrid Africa

NEoT Offgrid Africa, GDS International and ARESS have agreed to join forces to enter the rural electrification sector in Benin by creating a joint company, Les Soleils du Bénin.

The partnership begins with a first flagship project aiming to electrify 12 localities in Benin within a year. This project is operated within the framework of the call for project proposals launched by the MCA-Benin II Offgrid Clean Energy Facility (OCEF) on funding from the Millennium Challenge Corporation, which is the pilot phase of the newly implemented off-grid electrification regulation in the Republic of Benin, a first in West Africa.

The project represents an investment of €8.5 million, co-financed by NEoT Offgrid Africa, as a financial partner of the project, and MCA Benin II. The goal is to install 1.7 MW of photovoltaic capacity and 3 MWh of battery capacity in all 12 localities, supplying more than 5,000 homes and businesses with electricity. The project has been developed by GDS International, and will be co-constructed by GDS International and ARESS. ARESS will also be the project operator.

NEoT Offgrid Africa is an investment platform founded by Meridiam and EDF to support and accelerate the energy transition in Africa, and which has already committed more than €30 million investment to electrify of more than 44,000 homes and businesses in Côte d’Ivoire, Sierra Leone, Uganda, and Nigeria.


Social impact investor and cooperative Oikocredit has inked an agreement to provide a three-year debt of $1 million to Standard Life Organisation, a Nigerian NGO and microfinance institution that empowers low-income households and communities through financial services and capacity building.

Standard Life Organisation provides individual and group finance to micro, small and medium enterprises for financial security, job creation and retention, and business growth. It also promotes access to affordable education by investing in privately owned primary and secondary schools.

Vivek Sinha

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