Empower New Energy was selected as one of four winning finalists in the Luxembourg-initiated “International Climate Finance Accelerator” (ICFA) aimed at launching "Leadership Companies of the Future" in the area of sustainable finance. The award-winners were honoured at the Sustainable Finance Forum in Luxembourg on May, and Terje Osmundsen, CEO, and one of Empower’s two founders attended the event, alongside Luxembourg's Minister of Finance as well as representatives from the EU Commission.
What is ICFA?
ICFA is a Luxembourg initiative and a joint collaboration between government and financialactors, with the aim to support the “future leaders of fund managers who specialise and invest inclimate finance” leading to an increased “number of climate finance investment funds and assetsinvested.” ICFA will support the selected winning companies over the next two years through its accelerator program, in the form of both technical and financial support. Furthermore, ICFA ́s support will provide Empower New Energy with access to a wide network of European collaborators and potential investors.
Comments from Empower's CEO
"We are extremely proud to have won this award, among strong competition with established players within the world of finance and fund management. The ICFA 2018 prize will strengthen Empower’s efforts to raise over USD 200 million over the next two years to finance our growing portfolio of small and medium-sized solar and hydropower projects in Sub-Saharan Africa. Decentralized renewable energy generation represents the fastest and most cost-efficient way to combat global energy poverty, fight climate change and promote sustainable development in the south. Empower ́s innovative portfolio financing model enables speedier quality assurance and construction of small and medium-sized renewable projects, each of which are too small for international project financing”.
Comments from Nikolai Astrup, Norway's Minister for International Development
“In 2015, the world community gathered to define 17 Sustainability Development Goals that global communities will work together to achieve by 2030. One of these goals aims at providing access to clean energy for everyone. Access to energy is crucial for achieving economic growth and long-term development. In many developing countries, only 10-15% of the population have access to electricity. Access to energy is a prerequisite for people to work their way out of poverty. The goal to provide access to energy for all will never be reached unless the private sector is fully involved and on board and so I look forward to all private initiatives that trigger the development of greater access to renewable energy in developing countries. I would like to congratulate Empower New Energy, who I consider an important contributor towards achieving this goal, for winning this well-deserved award”.