African Biofuel and Renewable Energy Company (“ABREC”), an international organisation founded by African States and African Financial Institutions to promote the Continent’s transition to clean energy, has announced the launch of a new pioneering crowd-funding platform for small and medium sized businesses (“SMEs”) operating in the sub-Saharan renewable energy sector.
The new platform, known as ‘ABREC.FinanceUtile’, developed jointly with FinanceUtile (a leading French crowd-funding platform), is intended, on the one hand to support entrepreneurs and more generally the private sector by facilitating the transfer of know-how and technology, whilst on the other hand facilitating access to reliable electricity generation in sub-Saharan Africa.
Unlike traditional crowd-funding platforms, ABREC.FinanceUtile will provide more than just access to project finance.
Combining ABREC’s knowledge of the African ecosystem and ABREC’s presence in both Africa and France, ABREC.FinanceUtile will be supported by a team of specialists who will evaluate the commercial and technical merits of projects submitted for project financing, consider the levels of project finance required and also provide project management expertise to SMEs to facilitate delivery of their projects. With access to experts in the renewable energy sector, the ABREC.FinanceUtile team will provide practical support to successful applicants throughout their respective projects’ lifecycles.
Applicants which are selected to raise project finance through ABREC.FinanceUtile will be able to seek crowd-funding for an amount between EUR 500,000 and 5,000,000. Additionally, successful applicants will also be able to draw on advice and support from ABREC.FinanceUtile, including how to structure their financial and business models and receiving general project management/project delivery support. Successful applicants will also be given access to ABREC’s and FinanceUtile’s commercial networks with a view of assisting successful applicants to explore future opportunities in Africa and Europe.
Interested parties should send a detailed description of their project by email to firstname.lastname@example.org or submit an application through ABREC.FinanceUtile’s website