Oikocredit invests USD 5 million in M-KOPA to support growth of solar energy in Africa
With this loan, M-KOPA is able to provide electricity and mobile connections to 10,000 households in Africa
21 July 2020, Amersfoort, the Netherlands – Social impact investor Oikocredit has provided a loan of USD 5 million to M-KOPA, Africa’s leading provider of pay-as-you-go off-grid solar power and smartphones to over 900,000 homes and small businesses.
With Oikocredit’s loan, M-KOPA will continue to empower people in Nigeria, Uganda and Kenya by giving them a path to ownership of off-grid solar power products that can be extended to fit the needs of the whole household.
An M-KOPA solar system provides energy for essential devices like lights and radios, while M-KOPA’s smartphones help connect people to one another. The access to electricity and mobile connection helps M-KOPA’s clients upgrade their living standards and increase earning potential.
In just over nine years of operation, M-KOPA has pioneered and built one of the world’s most advanced pay-as-you-go platforms. It has financed over one million connected appliances to help improve the lives and livelihoods of over three million people in 900,000 households. Its solar systems have generated over 6.2 megawatts of renewable energy, avoiding over 1.5 million tonnes of CO2 emissions.
Siebren Wilschut, Investment Officer at Oikocredit, said: “We’re very pleased to support M-KOPA in its expansion to ensure access to energy and other technology services across Africa. We’re proud to be partnering with M-KOPA, a game-changer in the industry, and that Oikocredit can support the company as it continues to scale and increase its social impact by helping people become healthier, improve their livelihoods and be better connected.”
Jesse Moore, Co-Founder and CEO at M-KOPA, says, “We are delighted to have Oikocredit as an investor in M-KOPA. We have a shared vision to help millions of homes in Africa to move beyond expensive, unreliable utilities and service providers. We are pleased to be working with Oikocredit to help rebuild communities affected by Covid-19, by developing more ways to unlock power, information technology and finance.”
Social impact investor and worldwide cooperative Oikocredit has 45 years of experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.
Oikocredit finances close to 690 partners, with total outstanding capital of € 1,337 million (at 31 March 2020). For more information: www.oikocredit.coop.
M-KOPA empowers homes and small businesses through connected technology. We’ve pioneered and built one of the world’s most advanced pay-as-you-go platforms – unlocking solar, information, technology and finance to upgrade lives in over 900,000 homes and businesses.
Our customers were stuck in a rental economy, paying for services or small portions of expensive perishable items. We give them a path to ownership of solar home systems, phones, TVs, fridges and more. M-KOPA subscribers chose a payment plan that suits them, and they can quickly qualify for upgrades. Subscriptions are affordable and accessible for any home, to pay at any time, from any place with a mobile signal or Internet connection.
Note for editors
For more information or to request an interview, please contact Jasmin Panjeta, Communications Business Partner, Oikocredit International, telephone: +31 33 422 4040, email: firstname.lastname@example.org.