Odyssey has signed a cooperation agreement with I&M Bank, one of the leading financial institutions in East Africa, to accelerate the adoption of distributed renewable energy projects in the region.
Under the agreement, Odyssey will provide comprehensive support to I&M Bank in the origination, due diligence, and monitoring of distributed renewable energy projects for financing.
This collaboration also aims to strengthen the bank’s commitment to sustainable development and promote the transition to clean energy.
In 2019, I&M Bank set aside Kes 6 Billion (about US$42.4 million) for green financing, of which over 40% has already been deployed for renewable energy projects.
Odyssey’s expertise in the renewable energy sector, combined with I&M Bank’s extensive financial knowledge as well as network, creates a powerful synergy that will drive the growth of distributed renewable energy projects across East Africa. By leveraging their respective strengths, both organizations seek to foster a sustainable energy ecosystem that benefits businesses, communities, and the environment.
Renewable energy projects
Through this partnership, Odyssey will assist I&M Bank in identifying high-quality distributed renewable energy projects that align with the bank’s investment criteria and sustainability goals. Odyssey will support I&M in a comprehensive due diligence process to ensure that selected projects meet rigorous standards for technical feasibility, financial viability, and environmental impact.
Additionally, Odyssey’s energy analytics platform will enable real-time monitoring and data-driven insights, empowering I&M Bank to make informed decisions, track covenants, and access customized reporting tools.
I&M Bank’s CEO Gul Khan said, “The collaboration between Odyssey Energy Solutions and I&M Bank marks a significant milestone in the promotion of renewable energy investment in Kenya. It highlights the growing recognition of distributed renewable energy as a key driver for economic growth, job creation, and environmental stewardship.”
“By pooling their expertise and resources, the two organizations are well-positioned to catalyze the transition to a cleaner and more sustainable energy future.”
Further highlighting the significance of this partnership, Odyssey CEO, Emily McAteer commented, “We are fully aligned with I&M Bank in its ambitions to grow its clean energy finance business in East Africa. This partnership further cements Odyssey’s role in expediting the build-out of distributed renewable energy in the region to meet energy access and clean energy transition targets.”
“We look forward to supporting I&M Bank in its deployment of capital through engagement with project developers and analysis of new and operational projects for financing.”
