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Solar Panda, which designs, manufactures and distributes pay-as-you-go solar home systems to low-income communities in Kenya has received US$8mn in funding from Oikocredit and Electrification Financing Initiative (EDFI ElectriFI)
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 1,000 independent sales agents.
With Oikocredit and EDFI ElectriFI’s financing, Solar Panda will grow its product offering, expand its footprint within Kenya (including into traditionally underserved counties) and set the stage for further expansion in sub-Saharan Africa (SSA).
Alexander Remy, equity officer at Oikocredit, commented, “In a short period of time, Solar Panda has demonstrated its capabilities in designing and selling quality solar home systems needed by many households across Kenya. We are happy with the strong local talent they have assembled and are certain they can continue delivering positive results. As a shareholder in Solar Panda and an equity investor in renewable energy for social impact, Oikocredit will continue directing its efforts towards making clean energy accessible and improving the quality of life for underserved communities.”
Lionel Dieu, ElectriFI senior investment dfficer at EDFI Management Company, added: “We are extremely delighted to become a shareholder of Solar Panda. The company has displayed impressive growth over the last years and demonstrated strong resilience amid Covid. Through this co-investment with Oikocredit, we aim at supporting the company in its next stage of development and realise its full potential. This includes reaching an increasing amount of households with no access to electricity in Kenya underserved counties, i.e. northern regions displaying higher (energy) poverty levels.”
Andy Keith, founder and CEO at Solar Panda, remarked, “We are excited to partner with leading global impact investors Oikocredit and EDFI ElectriFI and thankful that this funding will help us ramp up our efforts at making electricity access universal. I’m very proud of the growth and success our team has been able to achieve over the past four years and, with nearly one billion people in the world without access to electricity, we feel we are just getting started.
“We appreciate that EDFI ElectriFI and Oikocredit have shown such great confidence in our approach to balancing commercial pragmatism with our commitment to customers and look forward to working together.”