As per the agreed terms, OeEB will provide €2m for the project development, capacity building and assistance to financial institutions under the Africa Sustainable Energy Facility.

Africa Sustainable Energy Facility is a joint program by IFC and the European Investment Bank (EIB) to increase investments in renewable energy and energy efficiency.

Commenting on the initiative, IFC Sub-Saharan Africa Finance Advisory Services Access manager David Crush said that the organization is aiming to boost sustainable energy investments by strengthening sustainable energy providers and developing projects.

"This program is also an excellent example of cooperation between development finance institutions leveraging the expertise and resources of IFC, OeEB and EIB," added Crush.

OeEB Executive Board member Michael Wancata said, "Improving access to modern infrastructure and supporting the supply of clean energy are two key areas of our work. This facility will help to address various market barriers while providing a significant amount of financing."