Investment Name: Azuri Technologies
Region: Sub Saharan Africa
Country: Kenya and Zambia
Sector: Solar Home Systems (SHS)
Total ElectriFI Financing:
EUR 3.6M of which:
- EUR 1.5M earmarked to Kenya (as a follow-on investment to the existing investment of EUR 1.5M)
- EUR 2.1M earmarked to Zambia
ElectriFI Global (EUR 1.5M earmarked to Kenya)
ElectriFI Country Window Zambia (EUR 2.1M)
Environmental and Social Category: C
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
Azuri offers affordable solar home systems and services combined with mobile payment solutions to households in sub-Saharan Africa who do not have access to conventional power.
Funding objective and impact:
The investment consists of a junior loan of EUR 3.6M that will support the expansion of Azuri’s Solar Home System business in Kenya and enable the company to enter Zambia.
Why ElectriFI wants to fund this project:
Thanks to ElectriFI and co-investors, Azuri has grown to become one of the top ten SHS businesses with a significant footprint in rural East Africa. This investment of EUR 3.6M will facilitate energy access to an additional 50,000 households, producing clean electricity and avoiding >12,000t CO2. It is expected that 1,223 direct permanent jobs will be created by Azuri’s local distribution partners in Kenya and a further 375 jobs with local partners in Zambia by 2023.
Environmental and social rationale:
The investment is classified as E&S category C due to minimal negative impact on the environment.