The mechanism has already made available a 16-million-dollar envelope for the implementation to Winch Energy of at least 49 solar mini grid projects in Uganda and Sierra Leone. “Grants are provided by the Foreign, Commonwealth & Development Office for projects in Sierra Leone and by the German Ministry of Development (BMZ) and the European Union to support projects in Uganda. Project development is also supported by GIZ in Uganda and the United Nations Office for Project Services (UNOPS) in Sierra Leone,” says Winch Energy.
An innovative financing system
Winch Energy and Winch Energy IPP Holdings were advised in this transaction by Field fisher and Clarkson and Wright and Jakes. NEoT was assisted by August Debouzy. In the coming months, Winch Energy expects to extend its $100 million facility to install solar mini-grids in other countries on the African continent.
“This platform will enable us to swiftly expand our operations in Africa. This agreement not only paves the way for Winch Energy’s future as a leader in large-scale off-grid renewable energy, but also stimulates economic growth and improves education and health care in remote communities of Africa,” said Nicholas Wrigley, Winch Energy’s CEO.
Electrification of at least 60,000 people.
As per Winch Energy, the solar energy investment fund manager SunFunder will inject 2 million dollars into Winch Energy IPP Holdings to finance mini-grid projects. In Sierra Leone, off-grid solar systems will be built in the districts of Tonkolili, Koinadugu and Bombali. Winch Energy will also provide this electricity access solution in the Lamwo district in northern Uganda. According to a London based company, the 49 off-grid solar systems will provide electricity to around 6,500 homes and small businesses, reaching 60,000 people in rural areas.
Winch Energy also plans to provide around 6,000 batteries for households outside the coverage areas of the solar mini-grids in both Sierra Leone and Uganda. “In addition to providing access to electricity, the project will also provide communities with internet access through partnerships with telecom operators in both countries,” Winch Energy explains.
Through these projects, the company is expanding its portfolio in Uganda and Sierra Leone. In Uganda, the company provides electricity to around 20,000 people living on Bunjako Island in Lake Victoria. The project is still under development and is expected to be completed by the end of this month. In Sierra Leone, the solar energy provider has already electrified thousands of homes with 13 solar mini grids. Its portfolio also extends to Benin, Mauritania and Angola.
Winch Energy is owned by Winch Partners, Total Eren, Al Gihaz Holding and Itochu Europe PLC.
