$10m in finance for solar kit supply in Chad
The US government’s development finance institution, the Overseas Private Investment Corporation (OPIC), will put up $10-million to support the introduction of off-grid solar kits and appliances in Chad.
The loan, extended to a company called FinLux Ellen, will help to distribute solar kits and appliances to individuals, schools, health clinics and small businesses in the African country, providing them with an affordable source of reliable electricity.
The solar kits and appliances that FinLux is distributing in Chad use a battery produced in New York and adapted for rural electrification in sub-Saharan Africa.
The loan is OPIC’s thirty-third commitment under the US Power Africa initiative but the first OPIC financing of a project in Chad.
About 40% of Chad’s 15-million people live below the national poverty line and only 4% have regular access to electricity. In rural areas, electricity was particularly scare, with only about 1% of the population having access.
OPIC acting president and CEO David Bohigian said in a statement that expanding access to electricity was one of the most effective ways of empowering people, improving their quality of life and fostering economic growth.
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