ecoligo receives €10 million investment from FRV-X to drive global renewable energy expansion
- Solar-as-a-Service provider ecoligo closes 10 million euro financing round from FRV-X
- The investment enables ecoligo to provide solar energy to more companies in emerging markets and address the climate crisis through further growth
- Collaboration expands access to clean power and contributes to global democratization of energy transition
Berlin, October 17, 2022 Impact investment provider ecoligo, a frontrunner in revolutionizing the energy landscape of emerging markets, has successfully closed its €10 million Series A financing. The new investor is FRV-X, venture division of Fotowatio Renewable Ventures (FRV), a global leader in the development of sustainable energy solutions and part of Abdul Latif Jameel Energy.
Global energy transition to be decided in emerging markets
Since 2016, ecoligo has been implementing solar-as-a-service projects financed by private investors who are equally interested in impact and return on investment. The solar installations provide cheaper and sustainable clean electricity to businesses that rely on fossil fuels. ecoligo has so far contracted 169 projects with a total capacity of 82.4 MWp – more than all the PV plants in Hamburg combined can produce1. The projects are being implemented in eleven different growth markets on three continents to date. In these countries, energy demand is rising faster than in the major industrialized nations. The success of the global energy transition will be determined by involving the emerging nations. However, financing their own solar plants on site is difficult, which is why ecoligo offers planning, construction, maintenance and financing of the plants from a single source.
FRV-X and ecoligo leverage synergies to scale sustainable energy together
“With its focus on commercial and industrial installations, ecoligo perfectly complements our activities in the field of large solar farms,” adds Felipe Hernandez, Chief Innovation Officer at FRV-X, added. “Our investment in ecoligo is sustainable in two senses, not only in terms of on-site green power generation, but also through the democratization of investment in renewable assets that allows retail investors* to participate in financing ecoligo’s projects. The company has demonstrated continued development capacity thanks to strong development capabilities and engagement with impact investors*, a sign of long-term success and resilience.”
Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, says: “Our investment in ecoligo is in line with our commitment to support innovative business models in the renewable energy sector while creating a positive impact. Both FRV-X and ecoligo share the same vision of democratizing the energy transition and creating a clean future for people around the world, especially those in the Global South. We will continue to seek opportunities to make impact-oriented investments that support our efforts to initiate, advance and sustain the green energy transition.”
10 million euros will serve ecoligo for further expansion and the development of its own digital investment platform
ecoligo will use the investment sum to continue to grow steadily and sustainably, to expand existing markets and to effectively drive forward the global energy transition in a proven manner.
In addition, ecoligo plans to further develop its digital impact investment platform and offer the opportunity to invest in its projects in additional countries. Martin Baart, CEO of ecoligo GmbH, adds: “With FRV-X we have found the perfect partner to enable even more companies in emerging markets to access clean energy. Through this alliance, we will not only be able to grow even more, but above all offer more people the opportunity to contribute to the global energy transition through private investment.”
ecoligo is an impact investment provider that implements solar-as-a-service projects in emerging markets. Founded in 2016 by Martin Baart and Markus Schwaninger, the Berlin-based company is driving the energy transition in eleven countries, including Kenya, Vietnam and Chile, by implementing solar installations on company buildings. These are made possible by committed and environmentally conscious (private) investors who fight the climate crisis with their targeted investments in solar projects while investing their money profitably. By supplying commercial and industrial enterprises in the world’s fastest-growing economies with solar energy, ecoligo is making a measurable contribution to saving harmful CO₂ and thus actively protecting the climate. The fully financed Solar-as-a-Service projects not only bring ecoligo’s customers financial savings, but also enable them to grow sustainably. The projects signed so far will contribute to saving over one million tonnes CO₂.
ecoligo is headquartered in Berlin and has additional locations in Accra (Ghana), Nairobi (Kenya), San José (Costa Rica), Santiago de Chile (Chile), Ho Chi Minh City (Vietnam) and Manila (Philippines).
For more information, visit ecoligo.com.
FRV, part of Abdul Latif Jameel Energy, is a global leader in renewable energy development. With the goal of being the world’s leading platform for green energy and infrastructure, FRV transformed itself from a pure project developer to an independent power producer. To achieve this strategic vision, FRV has accelerated its growth – through profits, shareholder contributions, asset rotation and divestment of minority interests. The company expects to invest more than $1.5 billion to double total installed capacity from 2 GW in 2021 to 4 GW in 2024.
About Abdul Latif Jameel Energy
Abdul Latif Jameel Energy was established in 2012 and is now a leading independent power producer and a leading renewable energy service provider. The company is present in 16 countries around the world and has expertise in renewable energy, including photovoltaics, wind energy, waste-to-energy and environmental solutions, including desalination, water and wastewater treatment. For more information, visit: alj.com/energy.
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