Empower Invest AS
Empower was established in 2017 with a strategy to provide equity financing for smaller 1-10 MW clean energy projects across sub-Saharan Africa, with both utility and corporate PPAs. Empower closed its Series A funding round in September 2019, with EDFI MC’s ElectriFi as a cornerstone investor together with Norfund. Other investors consist of Norwegian/European corporate and private investors. Norfund has been an active investor during this initial phase – with participation in the investment committee and Board through an external representative as well as a shareholder. In 2022, Norfund continued its support to Empower as it closed its Series B funding round.
- Renewable Energy
- Commitment (MNOK):
Empower Invest contributes know-how and equity to implement solar PV, small hydro and hybrid plants, supporting projects that are, individually, too small for traditional project financing. Once completed, Empower will raise green bonds to finance the portfolio of projects. The fund will invest in a “pipeline” of reserved projects prepared by the manager Empower New Energy, in Kenya, Rwanda, Ghana, Nigeria, Ethiopia and Tanzania, amongst others.
In 2019, Norfund invested 17 million NOK seed capital through the Project Development and Risk Mitigation Facility (PDRMF)
This investment is particularly additional on the following ambitions:
- Investing in the poorest countries
- Investing in the most capital constrained markets
- Investing in the riskiest markets
- Investing in sectors with high development needs
- Investing in high risk instruments
- Targeting underserved segments
- Mobilising private investors
- Taking an active role in investments
- Improving social and environmental performance