A leading platform in connecting private mini-grid developers and investors, Odyssey Energy Solutions, announced on Tuesday that its pipeline has surpassed 550 projects, and now requires investments of more than $500 million.
The mini-grid projects on the platform represent about 275,000 connections, with a generation capacity of about 150MW of installed solar PV and biomass, with plans to include hydropower in the long run.
The 550 projects being developed on the platform come from 21 countries, including Cameroon, Cape Verde, Democratic Republic of Congo, Ethiopia, Ghana, Haiti, India, Kenya, Lesotho, Myanmar, Niger, Nigeria, Philippines, Rwanda, Sierra Leone, Somalia, South Africa, Tanzania, Uganda, Zambia, and Zimbabwe.
“With no outbound marketing, we’re seeing incredible uptake of the Odyssey platform,” said company co-founder and CEO, Emily McAteer.
Accelerating the mini-grid sector
Project ticket sizes range from $40,000 to $3 million. Users on the platform currently comprise a network of over 100 developers, investors, vendors, government institutions as well as non-profit organisations.
McAteer noted: “Odyssey is proving just how quickly the mini-grid sector is taking off around the globe. By using software and data analytics to streamline and standardize mini-grid project development and financing, we’re able to aggregate projects into bankable portfolios that meet investors’ ticket sizes and diligence requirements, paving the way for more capital to come into the sector.”
“Odyssey has allowed us to quickly conduct rigorous technical and economic analyses for mini-grid projects in our pipeline and then create portfolios suitable for financing,” said Havenhill Synergy CEO, Olusegun Odunaiya.
Havenhill Synergy is a renewable energy organisation that uses solar energy to generate cost effective and sustainable electricity in Nigeria.