News EKI

EKI Foundation Launches Impact Africa I

Published by Eki.

Bilbao, February 14, 2020 - The EKI Foundation presented today in Bilbao the impact-investment project, Impact Africa I, to supply and finance 200 photovoltaic solar installations in schools and health centers in Sub-Saharan Africa in the next three years, with a total investment of 5.2 million euros. This project will be carried out in collaboration with the Basque Energy Agency (EVE).

The investors in Impact Africa I are public institutions and private entities interested in investing in long-term infrastructure with a direct impact on people's lives. All investors in the transaction will receive an interest that will be paid by the EKI Foundation. EKI Foundation will invest 500,000 euros in four years with other investors, and in addition 750,000 euros over 20 years to cover the interest cost of the total investment.

The equipment installation will be completed in 3 years after investing 4 million euros. In the fourth year, investors will invest an additional 1.2 million euros to set up a reserve fund to finance the spare parts and battery replacements that the plants need. The facilities will be paid by the beneficiaries over the next twenty years without interest.

The EVE will invest 300,000 euros in total in this financing tool over the next four years, another initiative that is part of the 2030 Euskadi Basque Country Agenda, with a direct impact on SDG # 7 "Clean and affordable energy for all ”, In SDG # 3“ Good Health and Wellbeing ”, SDG # 4“ Quality Education ”, and in SDG # 17“ Partnerships for the Goals ”.

José Galíndez, President of the EKI Foundation points out: “Until now, our projects have been aimed at improving the facilities of religious missions and NGOs, which do important work in Sub-Saharan Africa. With the new plan, we also intend to serve national and regional administrations in their efforts to provide educational and health services in line with the Sustainable Development Goals. ”

Iñigo Ansola, General Director of EVE, indicated that this initiative "forms part of our policy of support for energy business initiatives that are developed in the Basque Country and that are driving forces for employment and industry and even more so when it comes to projects that mean bringing the use of energy in a part of the world that lacks access to electricity. EVE's participation will help achieve the universal goal of democratizing energy". Ansola added that "the Basque Country has always been in solidarity and it is now being demonstrated once again from the field of energy".