M-KOPA Solar has raised $80 million to continue its development in Kenya and Uganda. The company offers solar energy solutions to rural and remote people in the power grid.
These funds, which have been obtained in the form of loans, will be denominated in Kenyan and Ugandan shillings, but also in US dollars. The projects they will implement will extend over three years. The company plans to reimburse them from mobile payments made by its customers to pay for their solar home installations.
The funds obtained in local currencies were mobilized with the support of Stanbic bank in the amount of $55 million. The bank itself contributed $9 million, the Commonwealth Development Company $20 million, the FMO Dutch Development Bank $13 million, and Norway’s Norfund $13 million.
The $25 million in US currency was mobilized from ResponsAbility, Symbiotics and Triodos Investment Management.