The African Trade & Investment Development Insurance (ATIDI) and Globeleq will be hosting a signing ceremony today, Tuesday, to announce their collaboration on a
geothermal project in an East African country on the sidelines of aef2024 in Barcelona, Spain.
This event marks a pivotal moment in the collaboration between ATIDI and Globeleq and underscores their joint commitment to advancing renewable energy solutions in the region.
“Over the last years, we’ve worked tirelessly with our various partners to ensure that RLSF cover is available to eligible IPPs in ATIDI member countries.
“Thanks to the support of various stakeholders: we are quite excited to be in a position to make this announcement alongside our partners at Globeleq,” said Obbie Banda, Underwriter & Acting RLSF Coordinator, ATIDI.
ATIDI predominantly provides Political Risk, Credit Insurance and Surety Insurance.
Since its inception, ATIDI has supported USD85 billion worth of investments and trade into Africa.
For over a decade, ATIDI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s (S&P), and in 2019, ATIDI obtained an A3/Stable rating from Moody’s, which has now been revised to A3 Positive.
ATIDI and the German Development Bank, KfW Development Bank, with financing from the German Federal Ministry for Economic Cooperation and Development (BMZ), launched the RLSF in 2017.
The facility was created to help tackle climate change and attract investments by supporting renewable energy projects in ATI’s member countries.
In 2022, the Norwegian Agency for Development Cooperation (Norad) committed additional funding towards the continued implementation of RLSF.
RLSF has a capacity of USD153.7 million and supports small and mid-scale renewable energy projects with an installed capacity of up to 100 MW (larger projects can be considered on a case-by-case basis) by protecting the projects against the risk of delayed payments by public off-takers; in turn improving project bankability and ensuring that more projects reach financial close.
Source: https://energynewsafrica.com