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EU-funded funding facility EDFI ElectriFI and Dutch impression investor Oikocredit have agreed to co-invest $4 million every within the Canadian photo voltaic vitality firm, Photo voltaic Panda, which distributes photo voltaic dwelling techniques to low-income communities in Kenya.
The brand new funding from two European buyers will allow Photo voltaic Panda to supply off-grid photo voltaic electrical energy to greater than 100,000 homes throughout northern and northeastern Kenya, that are thought-about the poorest areas within the nation. This partnership will maintain in-country progress of fresh, dependable, and inexpensive home electrical energy.
Photo voltaic Panda will make the most of the $8 million funding to increase its footprint inside Kenya’s underserved communities and likewise set the stage for increasing its enterprise in different Sub-Saharan African international locations. The pay-as-you-go photo voltaic dwelling techniques supplier will deploy 8.4 MW of renewable vitality over the subsequent few years, avoiding CO2 emissions of greater than 400,000 tons.
Since 2018, Photo voltaic Panda has offered photo voltaic kits for greater than 2000,000 households. Andy Keith, Founder & CEO of Photo voltaic Panda, mentioned, the brand new funding will assist the corporate to ramp up its efforts to realize common electrification. EDFI ElectriFI and Oikocredit have supported the corporate’s method to balancing industrial pragmatism and its dedication to the purchasers.
Alexander Remy, Fairness Officer at Oikocredit, appreciated Photo voltaic Panda which has demonstrated its capabilities in offering high quality photo voltaic dwelling techniques to many households throughout Kenya. As an fairness investor in clear vitality for social impression and a shareholder in Photo voltaic Panda, Oikocredit will proceed to help entry to renewable vitality and enhance the standard of life for low-income communities in Kenya.
In accordance with Lionel Dieu, ElectriFI Senior Funding Officer at EDFI Administration Firm, Photo voltaic Panda has proven spectacular progress over the previous couple of years and demonstrated robust resilience throughout the COVID-19 pandemic. Their funding with Oikocredit goals to help the photo voltaic firm in creating its new stage, reaching an rising quantity of households in Kenya’s Northern areas displaying increased vitality poverty ranges.
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