Deutsche Bank AG, which recently received Green Climate Fund (GCF) financial support to launch a $3.5 billion debt fund for decentralized renewable energy, has joined the Power for All campaign.
“Deutsche Bank is happy to join the Power for All campaign. It is great to be part of this community which supports the market-building to accelerate energy access for 1.2 billion people living without electricity globally,” said Jörg Eigendorf, Global Head of Communications & Corporate Social Responsibility, Deutsche Bank AG.
The bank's Universal Green Energy Access Program (UGEAP), expected to last 15 years, will initially focus on Nigeria, Benin, Namibia, Tanzania and Kenya. Besides $80 million committed by GCF, UGEAP will also include funding from SIDA and the private sector.
"Access to finance, particularly local debt, and reducing currency risk are keys to unlocking the massive potential of decentralized renewable energy in Africa," said Christine Eibs Singer, Power for All director of global advocacy. "Having a global financial institution such as Deutsche Bank join Power for All brings an important voice into our campaign that highlights to national governments and other stakeholders that distributed clean energy is positioned for commercial scale-up and is an opportunity for mainstream financiers."