African Guarantee Fund (AGF) and Empower New Energy are partnering to boost the solar industry in Africa. The two partners are thus paving the way for long-term investments in renewable energy for commercial and industrial companies in Africa.

The Norwegian Agency for Development Cooperation (Norad) also provided partial support for the costs of the guarantee. This instrument should be the first of a long series, allowing Empower to increase its investments in renewable energy in Africa this year. This first guarantee will cover part of Empower's investment in the Ghanaian company Solarplast Project Company Limited and enabled the financing of a photovoltaic installation on the roof of the Miniplast Limited factory in Accra, Ghana. Bank loans represent by far the largest source of external financing for Small and Medium Enterprises (SMEs) in Africa.