Solar Panda
Period
2022
Country
Kenya
Sector
Renewable energy
Financial facility
ElectriFI
EDFI ElectriFI invest USD 4m in early-stage pay-as-you-go Solar Home System (SHS) provider Solar Panda to bring clean energy access to Kenyan households and create jobs.
Project overview
EDFI ElectriFI committed USD 4m to allow use of clean energy among Kenyan households, create local jobs, catalysing additional debt and equity investments, and supporting access to energy initiatives in Kenya underserved counties.
Solar Panda is an innovative company providing home solar systems to rural African communities without access to electricity. Their pay-as-you-go model allows millions of families to have electricity for less than the daily cost of kerosene and mobile phone charging. By harnessing the power of the sun, their customers have a clean, safe and healthy source of electricity.
Funding objective
The objective pursued by ElectriFI is fourfold:
1. use of clean energy among Kenyan households;
2. local job creation;
3. catalysing additional debt and equity investments; and
4. supporting access to energy initiatives in Kenya underserved counties.
Investment rationale
Aside PAYGo distribution, Solar Panda designs its own SHS brand and built a local team of Kenyan engineers responsible for trouble shooting, basic repair, and upstreaming products improvements feedback to the
manufacturer.
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Key Indicators
Targeted impact
2,425,537 beneficiaries
Financial Instrument
Equity
Amount
USD 4m
Year
June 2022
Targeted impact
