Bitgreen, a company that’s building blockchain’s epicenter for sustainability and impact investing on Polkadot, has joined forces with Global Energy Alliance for People and Planet (GEAPP), to raise $10 million for Betmai Hydroelectric Facility.
The Betmai Hydroelectric project represents an essential step toward empowering Sierra Leonean citizens and industries with consistent access to renewable electricity. The project is backed by the world’s largest impact foundations – Rockefeller Foundation, Bezos Earth Fund, and IKEA Foundation.
Kofie Macauley, Founder and CEO of SERL, points out that Sierra Leone is an incredibly unique country with communities that deserve access to energy.
“As the lead developer for Betmai, I am confident that myself and the project partners will enable people and companies to improve their lives and businesses through ecologically-focused development,” Kofie said.
The $10M will be added to existing $100M collected by Rockefeller, Bezos Earth, and IKEA, to support the project.
Adam Carver, Bitgreen CEO & Co-Founder, said:
“The Betmai Hydroelectric Facility is a transformative project that will immediately benefit communities and companies across Sierra Leone. We are thrilled that our project partners see the capabilities of our platform to connect impact investors with key initiatives and climate disruptors at all levels of reach and impact to foster thoughtful and visionary change.”
With severe energy poverty raging across the country, only ~ 26% (3-5% in rural areas) of its over 8-million population have access to electricity. Failing to power key equipment and increasing fossil fuel pollution, this limited access inflicts a cycle of poor health, educational deficiencies, and stunted economic growth.
Partnering with green infrastructure developer, SERL, and international climate action platform, GEAPP, the group closes financial commitment for the Betmai Hydroelectric Facility in Sierra Leone. The 27-Megawatt Pampana-river hydro-powered project will ease the region’s energy poverty, bringing affordable, renewable energy to 500-thousand Sierra Leoneans.
“As partners on the Betmai project, we are thrilled to continue our mission in bringing clean and environmentally sound energy to vulnerable and underserved communities,” states Joseph Nganga, Vice President for Africa – GEAPP. “Empowering disenfranchised people through access to easily available renewable energy is a key part of our operations and how we choose which partners to collaborate with.”
The Betmai facility brings $110 million of private capital project financing, of which $70 million will be debt. Bitgreen aims to raise $10-20 million in debt financing as it builds its regulation-compliant blockchain fundraising platform.
Bitgreen is a blockchain specially designed to serve sustainability markets and stimulate new innovation, financing, and community activation. It recently raised a $5 million investment through crowdfunding platform Republic to launch its investing platform.
Bitgreen’s investing platform enables backers to discover and finance sustainability projects including conservation of rainforests, creating clean infrastructure, and supporting initiatives within vulnerable communities.
Bitgreen aims to raise $1 trillion for sustainability projects over 10 years. By raising funds, Bitgreen will help close the funding gap for the UN Sustainable Development Goals.
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