Oikocredit invests € 2 million to support growth of solar energy in Africa
Our investment in solar electricity innovators Spark will enable last-mile distributors to bring affordable, sustainable off-grid solutions to hundreds of thousands of low-income households
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. The loan will support Spark’s plans to make electricity accessible to an estimated 500,000under-served households in sub-Saharan Africa. The clean energy and path to ownership of Spark’s off-grid modular solar products, which can extend to fit users' growing energy needs, will enable user households to improve their health and living standards, increase their earning potential, be better connected and achieve lives of greater dignity.
Spark has pioneered, built and supplied innovative solar solutions since 2013. With more than 75,000 energy kits sold to date, it has helped over 375,000 people improve their lives and provided technical capacity building to 2,700-plus solar sales agents. Over their product lifetime, renewable energy generated by Spark's currently installed smart solar home systems will avoid approximately 200,000 metric tonnes of CO2 equivalent, replacing kerosene lanterns and diesel generators.
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