NEoT Offgrid Africa (NOA) is an investment platform created by Meridiam, EDF and Mitsubishi Corporation to develop and invest in Offgrid Energy Solutions in selected African countries in line with MIAF’s target. While the platform and investment decisions are controlled by Meridiam at the board level, daily corporate activities as well as project screening and development related activities are performed by NEoT Capital under close supervision of Meridiam.
Through this platform Meridiam targets an overall equity deployment of 27m EUR in mainly solar home systems and mini-grid projects to address off-grid communities’ needs and hence creating significant environmental and social impact. Standard project structure under this scheme consists in creating and investing in an AssetCo which assumes part of the end-user payment risk and which in turn purchases assets and systems deployed by an OpCo that carries part of the end-user risk and all of the operational risks under EPC and O&M type contracts.
Following the successful closings of solar home systems project in Ivory Coast with ZECI, a joint venture of EDF and Offgrid Electric (OGE) and the mini-grid of Sabon Gari Market in Nigeria with Rensource, a top tier local mini-grid developer having Proparco as a shareholder amongst others, NOA targets to capitalize on this experience in order to deploy over the next 5 years, 300,000 solar home systems and similarly continue building its mini-grid portfolio with top tier actors in a variety of countries in Africa.
In Operation, Years of Operation: 1 year
Solar home systems deployed
Shops in Nigeria electrified so far
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