InfraCo Africa and Standard Microgrid signed a Convertible Loan Agreement for the phased disbursement of up to $3.5 million. In parallel, the USTDA also awarded Standard Microgrid a $750,000 grant to support project preparation services. Together, these commitments will fund the deployment of distributed solar power across Zambia.
Using the loan committed by InfraCo Africa, Standard Microgrid will initially build six solar PV micro-grids in rural and peri-urban areas. Later the company will expand its distributed power service by further deploying more than 100 units. Each 10kW PV micro-grid is backed up by batteries and managed by smart metering technology which matches customer demand to available supply.
The funding awards were revealed at the Africa Energy Forum in Copenhagen.