DBSA invests $2.25m development funding in Apalia24, DRC
The Development Bank of Southern Africa (DBSA) announced that it has committed project preparation funding to the value of USD $2.25 million to Apalia24, an innovative Off-grid Energy and Media Company in DRC.
Leveraging a uniquely innovative set of proprietary technologies, Apalia24 intends to boost Africa’s domestic electricity access by accelerating the adoption of affordable off-grid solar solutions, including FM radio and Digital Television aimed at millions of unserved populations in African off-grid communities.
Mohale Rakgate, DBSA’s Group Executive for Project Preparation, commented:
“The investment consists of a structured project preparation facility that will allow Apalia24 to strengthen its operations and commence with the implementation of its innovative business model through a pilot over the next 12 months. Together we aim to connect 5,000 households initially in preselected off-grid cities in DRC. This convertible facility will anchor DBSA as a long-term partner with Apalia24. DBSA is committed to support this African owned project through their development efforts in scaling up this highly developmentally focused 21st century off-grid solution. This investment is the first of its kind for the bank in DR Congo, emphasizing the bank’s strategy toward impact investments in Africa”.
Apalia 24 was founded by Guy Badjoko and Finn Helge Tolpinrud, a team of Congolese and Norwegian seasoned entrepreneurs. Guy Badjoko, Apalia24’s CEO stated:
“We are thrilled and honoured to partner with DBSA to tackle Africa’s most pressing challenge: scaling access to reliable electricity and help advance our goal of improving quality of life and unlocking economic potential through energy, information and education. To have DBSA invest and partner with the Apalia24 platform, demonstrates confidence in our own capacity to build the ambitious bottom up business model for an affordable solution designed for our underserved Sub-Saharan Africa off-grid communities”.
KeysFinance Partners, an investment bank focusing on French speaking Sub-Sahara Africa, supported the Transaction. KeysFinance completed its first transaction in central Africa after various transactions were successfully closed in West Africa.