Social impact investor Oikocredit and the EU-funded Electrification Finance Initiative (EDFI ElectriFI) will each invest $4 million in solar home systems company Solar Panda.
Based in Canada and Nairobi, Solar Panda designs, manufactures and distributes pay-as-you-go (PAYGo) solar home systems (SHS) to low-income communities in Kenya. Launched in 2017, the company has grown to over 200,000 households through 37 branches in Kenya, making it one of the fastest growing companies in the industry.
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With funding from Oikocredit and EDFI ElectriFi, SHS will expand its product offering, expand its presence in Kenya and set the stage for further expansion in sub-Saharan Africa.
Alexander Remy, Equity Officer at Oikocredit, said Solar Panda has demonstrated in a short period of time its ability to design and sell quality solar home systems needed by many households across Kenya. “We are pleased with the strong local talent they have brought together and are confident they can continue to deliver positive results.
“As a shareholder of Solar Panda and an equity investor in social impact renewable energy, Oikocredit will continue to focus its efforts on providing access to clean energy and improving the quality of life of underserved communities.
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Lionel God, ElectriFI Senior Investment Officer at EDFI Management Company, said the company has shown impressive growth over the past few years and demonstrated strong resilience amid the COVID-19 pandemic and associated lockdown.
“Through this co-investment with Oikocredit, we aim to support the company in its next stage of development and realize its full potential. This includes reaching an increasing number of households without access to electricity in underserved counties in Kenya, i.e. northern regions with higher levels of (power) poverty,” God explained. .
Andy Keith, Founder and CEO of Solar Panda, said he was grateful for this funding to help them scale up their efforts to make access to electricity universal: “I am very proud of the growth and success that our team has been able to achieve over the past few years. four years and, with almost a billion people in the world without access to electricity, we think we are just getting started.
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