ecoligo just completed a €10 million Series A funding round from FRV-X to accelerate the global transition to renewable energy
20 Oct 2022
  • 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, 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,” added Felipe Hernandez, Chief Innovation Officer at FRV-X. “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.”

Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel said: “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.”

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. Martin Baart, CEO of ecoligo GmbH, adds: “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.”

About ecoligo

ecoligo is an impact investment provider that implements solar-as-a-service projects in emerging markets. Founded in 2016 by Martin Baart and Markus Schwaninger, the Berlin-based company is driving the energy transition in eleven countries such as Kenya, Vietnam, and Chile by implementing photovoltaic systems on company buildings. Projects are enabled by committed and environmentally conscious investors who fight the climate crisis with their targeted investments in solar projects while earning significant interest. By supplying commercial and industrial enterprises in the world’s fastest growing economies with solar energy, ecoligo measurably contributes to saving harmful CO₂ and thus actively protects the climate. The fully financed solar-as-a-service projects not only bring ecoligo’s customers financial savings, but also enable them to grow sustainably. The projects signed so far are going to contribute to save over 1 million tonnes of CO₂.

ecoligo is headquartered in Berlin and has additional locations in Accra (Ghana), Nairobi (Kenya), San José (Costa Rica), Santiago de Chile (Chile), Ho Chi Minh City (Vietnam) and Manila (Philippines).

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About FRV

FRV, part of Abdul Latif Jameel Energy, is a world-leading renewable energy development company. In line with the ambition to continue to lead the global transition to a more sustainable energy future, FRV has moved from being just a developer to becoming an independent power producer.

FRV aims to be the world’s leading green energy and infrastructure platform. To realize this strategic vision, FRV has accelerated its growth through the return on its activities, shareholder contributions and asset rotation through the sale of minority stakes. As a result, the company expects to invest more than $1.5 billion to double its total installed capacity from 2 GW in 2021 to 4 GW in 2024.

About Abdul Latif Jameel Energy

Abdul Latif Jameel Energy was founded in 2012, and is now a leading independent power producer, and a premier service provider in the renewable energy sector, with interests in 16 countries around the world with capabilities in renewable energy, including solar PV, wind, waste-to-energy and environmental solutions, including desalination, water and wastewater treatment.