Oikocredit invests € 2 million in Spark to support growth of solar energy in Africa
With this investment, Spark will support its last-mile distributors in supplying solar electricity to hundreds of thousands of low-income households over the next two years
Amersfoort, the Netherlands – Social impact investor Oikocredit is providing a credit line of € 2 million to Spark, a supplier of pay-as-you-go off-grid modular solar solutions and appliances. This credit line will support Spark’s plans to bring access to electricity to an estimated 500,000under-served households in sub-Saharan Africa.
With Oikocredit's support, Spark will be able to give low-income people in the Democratic Republic of Congo, Kenya, Malawi, Liberia, Mali, Niger, Nigeria, Senegal, Uganda, Zambia and others both access to clean energy and a path to ownership of off-grid solar products that can be extended to fit users' growing energy needs. Access to renewable electricity will support households in improving their living standards, increasing their earning potential and achieving lives of greater dignity.
Since its inception in 2013, Spark has pioneered and built innovative solar energy solutions. It has sold more than 75,000 energy kits to date, helping improve the lives of over 375,000 people and providing technical capacity building to 2,700-plus solar sales agents. Renewable energy generated by Spark's solar home systems over their product lifetime currently avoids approximately 200,000 metric tonnes of CO2 equivalent by replacing kerosene lanterns and diesel generators.
Bas Pijnenburg, Finance Director at Spark, said: "Cooperating with Oikocredit enables us to provide renewable electricity to significantly more homes and villages. Working with Oikocredit means we have a partner with a strong presence in the sector. Combining our strengths, we believe Oikocredit and Spark can lead the way towards a better, solar-powered future for under-served households and communities."
Siebren Wilschut, Investment Officer at Oikocredit, said: "We're very pleased to support Spark in its expansion to ensure access to energy and other technology services across Africa. We're proud to be partnering with Spark, a game-changer in the industry, and to support the company as it continues to scale up and increase its social impact by helping low-income people become healthier, improve their livelihoods and be better connected."
Solar-powered lives are future-proof lives. Spark delivers smart and simple solutions that are owned and operated by the people who need them most. Spark empowers emerging markets to take control of their energy needs with systems that are smartly distributed, viable and sustainable. This means that life doesn’t stop when the sun sets. Spark’s modular solutions make it easier for people to climb the energy ladder and allow small businesses to grow.
For more information: www.sparkenergy.io
Social impact investor and worldwide cooperative Oikocredit has 46 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 527 partners, with total outstanding capital of € 876 million (at 30 September 2021). For more information: www.oikocredit.coop.
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: email@example.com.
Marcel van Heist, Managing Director, Spark, telephone: +31 6 2352 8729. email: firstname.lastname@example.org