Oikocredit and ElectriFI support off-grid power for low-income Kenyans with Solar Panda
The new partnership will help sustain in-country growth of clean, safe and affordable domestic electricity.
Social impact investor and worldwide cooperative Oikocredit and the EU-funded Electrification Financing Initiative (ElectriFI) have agreed to co-invest US$ 4 million each in Solar Panda’s solar home systems benefiting low-income communities in Kenya.
With this new collaboration, Solar Panda will use this investment to grow its product offerings, expand its footprint within Kenya (including into traditionally underserved counties) and also set the stage for further expansion in Sub-Saharan Africa.
Since 2018, Solar Panda has provided more than 200,000 solar home systems across Kenya from its 37 retail branches, making it one of the fastest-growing companies in the sector. It employs more than 300 staff in Kenya and has a network of over 1000 independent sales agents.
Solar Panda upgradable kits come with lights, mobile charging, radio, lantern, torch and additional options. Once customers repay the initial loan they own the unit and never have to make another payment.
ElectriFI is an impact investment facility supporting access to reliable, affordable and sustainable electricity and energy services in challenging markets, mainly in sub-Saharan Africa. It receives funding from the European Union, USAID’s Power Africa programme, the Government of Sweden and the Government of Italy.
Read the full press release here