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 origination, due diligence, and monitoring of distributed renewable energy projects for financing. This collaboration 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 and 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.
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.”
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.”
About I&M Group PLC
I&M Group PLC was incorporated in 1974 and is listed on the Nairobi Securities Exchange (NSE). I&M Group PLC was licensed and approved as a non-operating holding company in accordance with the provisions of the Banking Act, Cap 488 Laws of Kenya following a reverse takeover of City Trust Limited by I&M Bank Limited in June 2013. The Group has presence in Kenya, Rwanda, Uganda, Tanzania and Mauritius.
I&M Group prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars the Group aspires to be “Eastern Africa’s Leading Financial Partner for Growth’’ through provision of innovative and market driven banking solutions for its target segments.
For more information visit www.imbankgroup.com
I&M Group Media Contact
Mwihaki Wachira
T: + 254 719 088 205
About Odyssey Energy Solutions
About Odyssey Energy Solutions:
Odyssey is accelerating the clean energy transition in emerging markets. The Odyssey
platform provides an end-to-end solution for renewable energy companies and
financiers, with a tool suite for planning, financing, procurement and operations.
Odyssey is facilitating more than $1.3B of capital for the distributed energy sector, with
more than 2,000 companies on the platform. For more information, visit
www.odysseyenergysolutions.com.
Odyssey Energy Solutions Media Contact
Elissa Chandler
elissa@odysseyenergysolutions.com
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