The government-funded Electrification Financing Initiative (ElectriFI) and Dutch cooperative investor Oikocredit recently announced equity investments in Solar Panda, a Canada-based provider of solar technology to households in Kenya. The goal of the two USD 4 million placements is to allow Solar Panda to grow its product lineup and to expand in Kenya and elsewhere in Africa. The parties have not released the size of the stakes that the investors have purchased.
Founded in 2016, Solar Panda offers lease-to-own home solar electrification kits that power lighting, televisions, radios and phone chargers provided by the company. Since its founding, Solar Panda has provided electricity to about 200,000 households.
Founded in 2015, ElectriFI finances private enterprises that provide renewable energy in low- and middle-income countries. Since its inception, it has issued 41 investments totaling EUR 90 million (USD 90 million). Its funders are the EU and the governments of Italy, Sweden and the US.
Founded in 1975, Oikocredit invests debt and equity in financial inclusion, agriculture and renewable energy in Africa, Asia and Latin America with the goal “to improve the quality of life of low-income people or communities in a sustainable way.” As of March 2022, Oikocredit had investments valued at EUR 1.0 billion (USD 1.0 billion) deployed via 500 partners.
By Ben Greissman, Research Associate
Sources and Additional Resources
Oikocredit press release
https://www.oikocredit.coop/k/en/n2613/news/view/352840/9049/oikocredit-and-edfi-electrifi-support-off-grid-power-for-low-income-kenyans-with-solar-panda.html
Solar Panda press release
https://solarpanda.com/news/canadian-clean-tech-company-has-brought-light-to-1000000-kenyans/
Solar Panda homepage
https://solarpanda.com/
Solar Panda about page
https://solarpanda.com/why-we-exist-off-grid/
ElectriFI homepage
https://www.electrifi.eu
ElectriFI about page
https://www.electrifi.eu/about/mandate-funders/
Previous MicroCapital article on Oikocredit
https://www.microcapital.org/microcapital-brief-oikocredit-aqua-for-all-to-invest-17m-in-water-sanitation-in-africa-cambodia/
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