ElectriFI, the impact-driven investment facility managed by EDFI Management Company, has confirmed the second disbursement of EUR 1.5 million in its strategic investment in FinEU ELLEN. This brings the total investment to EUR 4 million, highlighting ElectriFI’s commitment to addressing energy poverty and fostering economic development in the Sahel region.
The collaboration specifically targets the rural population in Mali, grappling with significant challenges related to energy access. FinEU ELLEN, led by E-Long Life Energies Nouvelles (ELLEN), specializes in providing large Solar Home Systems (HES) with capacities of up to five kilowatts. The company’s innovative approach, operating under the brand ‘E-Longlife solution,’ caters to middle-class households, farmers, and commercial clients in the Sahel region.
Vincent Monteux, CEO of FinEU ELLEN, emphasizes the importance of ElectriFI’s continued support: “This second disbursement is a crucial step in scaling up access to productive electricity for the poorest rural areas in Mali and beyond. Energy solutions matter greatly; so too positive impacts created among vulnerable populations. Our work addresses the unique needs of these communities, ensuring that our initiatives lead to a boost in their long-term livelihoods.”
Facing delays due to the COVID-19 pandemic and political crises in Mali, the disbursement to FinEU ELLEN is part of ElectriFI’s EUR 4 million investment. The first tranche of EUR 2.5 million was disbursed in April 2023. ElectriFI confirms the anticipated second tranche of EUR 1.5 million, supporting the deployment of 1,940 kits in Mali. This investment plays a vital role in reimbursing shareholder loans and advancing the deployment of sustainable energy solutions.
Rodrigo Madrazo, CEO of EDFI Management Company, underscores the transformative potential of ELLEN initiatives: “Our focus remains on supporting entrepreneurs who have direct local access and an intricate understanding of the challenges on the ground. With our financial support, our aim is to help them widen their reach, enabling them to touch the lives of many more people in need.”
The collaboration between ElectriFI and FinEU ELLEN is poised to have a profound impact on livelihoods, socio-economic well-being, and environmental sustainability in Mali and other regions facing similar challenges.
