Leasing scheme will finance “green” fridge technology

RWANDA: A new leasing scheme introduced in Rwanda will enable suppliers and consumers of air conditioning and refrigerations products to transition to the latest technology without an upfront investment.

The Coolease scheme, one of the first of its kind in Africa, will promote the adoption of energy efficient and climate friendly cooling solutions in Rwanda. It is in line with the Kigali Amendment to the Montreal Protocol, which requires all nations to phase down HFC refrigerants.

The scheme has been developed through the Rwanda Cooling Initiative (R-COOL) and launched yesterday by Rwanda’s Business Development Fund (BDF), in partnership with the Rwanda Green Fund (FONERWA), UN Environment’s United for Efficiency initiative and the Basel Agency for Sustainable Energy (BASE). It aims to overcome the challenges of the high costs and high-risk perception of energy-efficient products, competition with substandard and cheap equipment and the lack of accessible financing for the latest cooling technologies.

A dedicated leasing subsidiary is being set up by Rwanda’s Business Development Fund to act as a vehicle to finance the cooling system for the client in exchange for monthly payments. Embedded into the Coolease agreement is for the technology provider to install the equipment and commit to providing on-going maintenance.