SME Funds ‘Green Energy & Biofuels’ has been named the best clean energy investment opportunity in West Africa and overall winner at the West Africa Forum for Clean Energy Financing (WAFCEF) Business Plan competition in Accra.
The competition, according to a release by the Chief Operating Officer of the firm, Mr. Kunle Odebunmi in Abuja, assessed business plans from all clean energy sectors across West Africa in two elimination rounds.
The final round was said to have brought the top ten companies among the 72 applications received to Accra where they were judged by representatives from major international organizations such as Leo Blyth (IFC, Lighting Africa Initiative), Musa Salah (EcoBank), Godfrey Mwindaare (Acumen Fund West Africa), Professor Joseph Adelegan (EBID), and Sander Smits van Oyen (SOVEC).
Green Energy & Biofuels, the statement added, stood out due to the established track record of SMEFunds, innovative technology and the ability to scale quickly. It explained that the $28million Investment in the first round would go towards scaling up their renewable ethanol cooking gel production and clean cookstove manufacturing.
“Already over 1 million liters of cooking gel has been produced locally using 2G Cellulosic Bio-Ethanol technology from wastes such as waterhyacinth and saw-dust from Lagos saw mills, “it added.
Giving the employment record of the firm, it noted that SMEFunds had recruited over 15,000 entrepreneurs through its Carbon Credit Network and helped them start green businesses that sell the cooking gel and stoves across Nigeria and West Africa. It also added that, “More youth and women stand ready to bring safer, stable.
Information from National Mirror was used in this report.