The Eastern and Southern African Trade and Development Bank (TDB) and Asoko Insight are pleased to announce the launch of the TDB Renewable Energy DealRoom, to accelerate the financing of renewable energy projects in the region served by TDB.
Building on Asoko’s extensive database of African private sector players and the power of its Digital Engagement Platform, the TDB Renewable Energy DealRoom will enable TDB to build an actionable pipeline of viable private sector projects in the renewable energy space and ultimately, accelerate deal origination in the sector.
This initiative is supported by the USD 415 million World Bank Regional Infrastructure Finance Facility (RIFF) signed with TDB in 2020 – the first of its kind to be extended to a regional development bank by the World Bank’s International Development Association (IDA). Through this facility, TDB will finance long-term infrastructure projects, particularly in renewable energy, including those of MSMEs in need of debt financing in the off-grid energy sector.
The impact sought via TDB’s renewable energy initiatives includes enhanced security of energy supply, access to clean electricity and job creation, especially in underserved communities; alleviation of energy bills; and, reduced greenhouse gas (GHG) emissions – in line with the Paris Agreement, SDGs and Agenda 2063.
Admassu Tadesse, TDB Group MD and CEO said “we are excited by this new partnership with Asoko. It will enable TDB to continue aligning financing flows with climate adaptation and mitigation imperatives while catering to the growing energy demand – in line with our ESG commitment. Via this partnership, we look forward to supporting our Member States boost electrification rates and close the energy gap with additional low-carbon capacity and help spur economic recovery.”
Michael Awori, TDB Deputy CEO said “the launch of the TDB Renewable Energy DealRoom marks an important milestone for the Bank in the renewable energy space. The DealRoom provides a standardized and fast approach to financing renewable energy by leveraging technology. In true TDB spirit, it complements our commitment to be at the forefront of innovation and expand our reach to potential clients.”
Rob Withagen, Asoko Insight CEO and Co-Founder said: “We are thrilled to be working with TDB to facilitate the Bank’s financing of the renewable energy sector in Eastern and Southern Africa. Our research across the region shows a vibrant industry with the potential to make real and lasting improvements to the lives of people living in the region, both by enabling access to power and by driving wider economic growth and development. With its central position in the region’s trade and development support structure, and the firepower of the RIFF behind it, TDB is well placed to deliver on these objectives and we’re proud to be supporting this effort.”