FRV-X invests €10 million in impact investment provider ecoligo to drive global transition to renewable energy

• Solar-as-a-service provider ecoligo closes €10 million funding round from FRV-X.

• Investment enables ecoligo to provide solar energy to more companies in emerging markets and take on the climate crisis through accelerated growth.

• Collaboration expands access to clean power and contributes to global democratization of the energy transition.

Berlin, October 17^th 2022

Impact investment provider ecoligo, a leader in revolutionizing the energy landscape in emerging markets, has successfully closed its €10 million Series A funding round. New investor is FRV-X, venture division of Fotowatio Renewable Ventures (FRV), a world leader in the development of sustainable energy solutions and part of Abdul Latif Jameel Energy.

FRV develops and operates renewable energy projects worldwide and seeks to continue leading the global transition to a more sustainable energy future. FRV has evolved from being a developer to becoming an independent power producer (IPP), aiming to be the world’s leading green energy infrastructure platform. With this investment, FRV is expanding its portfolio to include the commercial and industrial customer segment through ecoligo’s work. So far, FRV has a pipeline of more than 10 GW around 5 continents, including PV Plants, Wind, BESS, Hybrid and Green Hydrogen, and every year helps to avoid more than 1 million tonnes of CO₂ being released into the atmosphere.

Global energy transition is being decided in emerging markets

Since 2016, ecoligo has been implementing energy-as-a-service projects financed by retail investors who are interested in both impact and return on investment using a digital platform initiated by ecoligo. The solar plants supply companies relying on fossil energy sources with more affordable and sustainable, clean electricity produced in-house. To date, ecoligo has implemented 169 projects with a total output of 82.4 MWp – more than all the PV plants in Hamburg¹. The projects are implemented in emerging markets on three continents so far, where energy demand is quickly rising compared to major industrialized nations. The success of the global energy transition will be determined by whether emerging nations are considered. However, there is a funding gap for solar projects in these countries making access to financing from traditional sources more difficult, which is why ecoligo offers a full-service solution including planning, construction, maintenance, and financing of the plants through retail investors.

ecoligo and their community of private impact investors are actively protecting the climate, the projects signed so far are going to measurably contribute to CO₂ savings of more than 1 million tonnes.

FRV-X and ecoligo leverage synergies to scale sustainable energy together

With its focus on commercial and industrial facilities, ecoligo perfectly complements our activities in the field of large-scale solar farms. Our investment in ecoligo is sustainable in two ways, not only in terms of onsite green energy production, but also the democratization of the investment in renewable assets, giving a way to the small investor to take an active role supporting the emerging economies energy transition. The company has proven continuous growing capacity, thanks to the strong development capacities and commitment with the retail investors, which is a sign of long-term success as well as high resilience.

Felipe Hernández

Chief Innovation Officer in FRV

Our investment in ecoligo comes in line with our commitment to support innovative business models in the renewable energy sector whilst still delivering a positive impact. Both FRV-X and ecoligo share the same vision of democratizing the energy transition and creating a clean future for people around the world, and in particular, those in the global south. We will continue to look for opportunities to make impact-driven investments that support our efforts in initiating, driving, and maintaining the green energy transition.”

Fady Jameel

Deputy President and Vice Chairman of Abdul Latif Jameel

10 million euros will serve ecoligo’s further expansion and the development of its own digital investment platform

ecoligo will use the investment sum to continue to grow sustainably, to expand existing markets, and effectively drive forward the global energy transition.

In addition, ecoligo intends to further develop its digital impact investing platform and offer the opportunity to invest in its projects in more countries.

With FRV-X we have found the perfect partner to enable even more companies in emerging markets to access clean energy. Through the alliance, we will not only be able to grow even more, but offer more people the opportunity to contribute to the global energy transition through private investment.

Martin Baart

CEO of ecoligo GmbH