M-KOPA secures US$80 million in commercial debt funding to finance off-grid PV sites

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
M-KOPA customers have benefitted from over 62.5 million hours of kerosene-free lighting per month, saving over 600,000 tonnes of CO2 over four years. Image: Ninara / Flickr

Off-grid solar company M-KOPA Solar has secured US$80 million in committed debt financing, which will be used over the next three years to provide financing for pay-as-you-go PV projects in one million homes in Africa.

A number of lenders participated in the debt funding, including CDC (US$20 million), Stanbic Bank (US$9 million), FMO (US$13 million) and Norfund (US$13 million). M-KOPA claims that it is the largest commercial debt facility to date in the pay-as-you-go, off-grid energy market.

So far, M-KOPA has connected over 500,000 homes in East Africa to affordable, safe and clean energy. These off-grid solar systems allow customers access to lighting, phone charging, radio and TV on daily mobile money payment plans that are less than the typical cost of kerosene fuel.

Nick O’Donohoe, chief executive officer, CDC, said: “M-KOPA is a remarkable company that is transforming lives in East Africa by providing affordable energy, financial inclusion and essential products for low-income households. It empowers its customers economically, improves people’s health and reduces greenhouse gas emissions.

“Our equity and debt investments are aimed at helping the company build on its success and reach many more of the 600 million people across Africa who currently live without electricity.”

Read Next

June 24, 2022
Investors Harith General Partners and African power provider Anergi Group have partnered to establish the Pan-African Renewable Energy Fund (PAREF) to accelerate renewable energy deployment across Africa and close the continent’s investment gap.
June 21, 2022
Management firm Mirova has acquired solar finance business SunFunder in a push to expand its investment platform in emerging markets.
June 20, 2022
Solar PV will lead new capacity additions in Africa, reaching a total installed capacity of 125GW by 2030, according to a report from the International Energy Agency (IEA).
June 17, 2022
Project financing facility CrossBoundary Energy Access (CBEA) has raised US$25 million to finance solar powered mini-grids in Africa.
May 30, 2022
British energy company Savannah Energy has signed an agreement with the government of Chad for the development of up to 500MW of utility-scale renewables.
April 28, 2022
Off-grid solar specialist Sun King has raised US$260 million in a Series D funding round aimed to expand global access to affordable solar energy across Africa and Asia.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event