The Eastern and Southern African Trade and Development Bank (TDB) and Asoko Insight have announced their launch of the TDB Renewable Energy DealRoom, to accelerate 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 US$415million 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.
These and more were contained in a press statement jointly issued by the Trade and Development Bank (TDB) and Asoko Insight.
The statement indicated that the impact sought via TDB’s renewable energy initiatives will include 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.
The MD and CEO of TDB Group, Admassu Tadesse, said they are excited by this new partnership with Asoko. He added that 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 their ESG commitment. Via this partnership, TDB looks forward to supporting its member-states to 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 TDB Renewable Energy DealRoom launch marks an important milestone for the Bank in the renewable energy space. The DealRoom provides a standardised 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”.
On his part, as captured in the press release, Rob Withagen Asoko – who is the CEO and Co-Founder Asoko Insight – mentioned that they are thrilled to be working with TDB to facilitate the Bank’s financing of the renewable energy sector in Eastern and Southern Africa. Their 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 Asoko Insight is proud to be supporting this effort.
The TDB Renewable Energy DealRoom provides access to debt financing for private sector renewable energy projects in TDB member-states, including those of SMEs which have been especially hard-hit by the COVID-19 pandemic. Special focus is placed on off-grid and mini-grid projects, and renewable energy generation for industrial and commercial enterprises which can create jobs, enhance access to clean energy, increase trade and investment, and promote new technologies, and which are aligned with the Paris Agreement, SDGs and Agenda 2063.
Asoko Insight is Africa’s leading corporate data and engagement platform, providing global investors, multinationals and development institutions the most effective route to discover, shortlist and engage their target universe of African companies.
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a multilateral, treaty-based, investment-grade development finance institution, with 41 sovereign and institutional shareholders and assets of US$7bn. TDB serves 22 economies in its region, with the mandate to finance and foster trade, regional economic integration, and sustainable development.
TDB is part of the TDB Group, which also comprises TDF (the Trade and Development Fund), ESATF (the Eastern and Southern African Trade Fund), TCI (TDB Captive Insurance), and the TDB Academy.