Solar Saver
Introduction
Swedfund invests USD 10 million in Solar Saver to expand access to affordable and reliable solar power for small and medium-sized businesses in Southern Africa.
The investment contributes to reduced greenhouse gas emissions, a more reliable electricity supply and improved competitiveness for small and medium local enterprises.
Read more in our pressrelease: Swedfund invests in Solar Saver to expand access to clean and reliable energy in Southern Africa
Facts
SDG in focus
Decent Work and Economic Growth
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.
Climate Action
Take urgent action to combat climate change and its impacts.
Sector
Financial Inclusion
Financial Inclusion invests in, amongst others, regulated banks and microfinance institutions to reach out more broadly and effectively.
Value creation
Impact
The investment aims to reduce greenhouse gas emissions by reducing reliance on fossil fuels. It contributes to improving energy security and affordability for SMEs, support job creation in installation and maintenance, and contribute to sector development in high-emission economies.
Additionality
The investment is financially additional as it targets underserved geographies and conveys investment terms unavailable in Southern Africa, a high-risk and capital-constrained market. The investment is value additional by mitigating non-financial risks through support to governance improvements, business integrity, and by prioritising environmental and social issues.
ESG
Requirements
In line with Swedfund’s Policy for Sustainable Development, the portfolio company is required to materially comply with, inter alia: (i) all internationally recognised human rights (ii) the EDFI harmonized exclusion list and EDFI Fossil Fuel Exclusion List, (iii) local environmental, health & safety and labour laws and regulations, (iv) applicable IFC Performance Standards, (v) the ILO’s Declaration on Fundamental Principles and Rights at Work and the ILO’s Basic Terms and Conditions of Employment.
ESG Risk
Medium-high (Direct B+). Risks include occupational health and safety during installation, disposal of solar panels and contextual risks in target countries.
ESG Mitigation Measures
Swedfund is supporting the company in strengthening its group level environmental and social management system, including steps to enhance governance, responsible procurement, human rights policies and portfolio monitoring.
Applicable IFC Performance Standards
IFC PS 1,2,3,4 are applicable. PS 5-8 may also be applicable to ground-mounted projects.
Whistleblowing channels and Grievance Mechanism
Swedfund’s whistleblowing services can be used by employees, contractors and others at Swedfund, and by the companies and funds in which Swedfund invests. The complaints mechanism can be used for all types of complaints concerning Swedfund and Swedfund’s portfolio companies, but not for complaints concerning individuals as a result of restrictions arising from data protection legislation. 🔹 Link in website footer.