Leading off-grid utilities provider, Winch Energy, has completed the funding for solar mini grid projects in 49 villages across Uganda and Sierra Leone through the creation of a new platform, Winch Energy IPP Holdings Limited (“WIPP”). The deal represents the largest mini grid financing portfolio to date, bringing together several major players in the off-grid space and was finalised on 29
th January 2021. Winch Energy is owned by Total Eren, Itochu Corporation, Al Gihaz Holdings and Winch Partners.
The investment comes from Winch Energy Limited in partnership with NEoT Offgrid Africa – a platform established by Meridiam, EDF and Mitsubishi Corporation. NEoT Offgrid Africa supports and accelerates Africa’s energy transition and already invested more than €30 million in the electrification of 25,000 homes and businesses in Ivory Coast and Nigeria. SunFunder is also providing an additional $2m construction loan to the project. The partnership is in advanced discussions with two international development finance institutions to bring debt into the project, which has been agreed in principle. Subsidies are provided by the Foreign, Commonwealth & Development Office (FCDO, formerly DFID) for the projects in Sierra Leone and by the German Development Ministry (BMZ) and European Union in support of the Ugandan projects. The project development is also supported by GIZ in Uganda and the United Nations Office for Project Services (UNOPS) in Sierra Leone.