Dollars Granted
$1,500,000Term
11.02.2020 - 10.31.2028Focus Area
PowerDescription:
to be applied as follows (together, the “Project”):(i) $100,000 towards the cost of structuring, launching and managing the Energy Access Relief Facility (the “Facility”) that will issue term-loans to Energy Access Companies who provide energy access services to poor and vulnerable populations and whose operations have been affected by the COVID-19 pandemic (“Eligible Companies”) as described in the Proposal; and
(ii) $1.4 million for loan capital (the “Loan Capital Amount”) to be issued to Eligible Companies prior to the closing of the Facility (the “Warehoused Loans”) as described in the Proposal. The Warehoused Loans or any remaining Loan Capital Amount shall be converted into junior notes to be issued under the Facility (“Junior Notes”) for a term of no more than four (4) years.
(iii) If the Facility closes, then the Grantee may use any amounts repaid under the Junior Notes upon termination of the Facility and written notice to the Foundation to either:
a. issue additional term-loans to similar Eligible Companies for another four (4) year term (the “Additional Loans”); and/or
b. provide technical assistance to similar Eligible Companies (the “Technical Assistance”).
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United States of America