Lumos secures FMO funding to power clean energy revolution in Côte d’Ivoire
We are pleased to share that Lumos has received new funding from FMO: the Dutch entrepreneurial development bank. The new funding will enable Lumos to produce tens of thousands of solar home systems to meet the fast-growing demand in Côte d’Ivoire, where nearly 9 million people live without access to the electricity grid.
The funding will enable us to increase production and provide solar home systems for tens of thousands of households and small businesses, providing an estimated 200,000 people with reliable solar energy for the first time.
Our solar technology will enable people to switch from dangerous, expensive kerosene lanterns to reliable, clean energy, contributing to economic growth and sustainable development in the Ivory Coast.
Renee Comoe Seka, CEO, Lumos Côte d’Ivoire commented: “Access to reliable energy is critical for economic growth. The new funding from FMO will enable hundreds of thousands of people to benefit from reliable, sustainable and affordable energy. FMO is a pioneering institution and shares our commitment to harness the market demand and lift people out of poverty. Our joint ambition is to provide power for everyone.”
The Ivory Coast: A major clean energy investment opportunity
Delivering reliable, clean and affordable energy in Africa lifts populations out of poverty and catalyses huge economic growth.
Investment in clean energy is vital to meet global targets, such as the UN Sustainable Development Goals, as 740 million people still remain with poor or no access to the electricity grid in sub-Saharan Africa. However, Africa is at the forefront of the clean energy revolution.
Africa can produce more solar energy than anywhere else on the planet and as technology and capacity improves it provides the continent with the opportunity to leapfrog expensive, dirty fossil fuels and instead move towards clean, agile and reliable renewable energy. Leapfrogging is the ability of a country to skip less efficient and higher carbon-intensive technologies during the course of their development.
Access to energy has significantly improved. In 2010, 33% of the sub-Saharan African population had access to electricity, this jumped to nearly 50% in 2018.
The year 2018 saw $2.8 billion spent on renewables in Sub-Saharan Africa, the highest increase in investment the continent had ever seen. This clean energy investment trend has been rising for the last decade and Lumos is working with funders to provide reliable solar energy to the millions of people who currently live without it.
Solar home systems offer a unique, affordable and viable power solution to millions who are still living without grid connectivity. The funding that Lumos has now secured from FMO is integral to helping us exploit the massive market potential and further power a clean energy revolution.
Huub Cornelissen, Director Energy at FMO commented: “Lumos offers a unique solution for millions of people living with no access to the electricity grid. We support companies, like Lumos, that power developing economies, promote the transition to a low-carbon system and achieve prosperity at scale. Lumos delivers on all three goals and their next phase of growth in Côte d’Ivoire will bring immeasurable benefits to local people in the hardest to reach communities.”
Read about how Lumos is already improving the quality of life for thousands of people in Nigeria here.