Azuri Technologies (follow-on)
- Solar PV
- Business model
Investment name: Azuri Technologies
Contract signature date: January 2021
Region: Sub-Saharan Africa
Sector: PV Solar
Total ElectriFI financing:
EUR 1.5m earmarked to Kenya (as a follow-on investment to the existing investment of EUR 1.5m)
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 whichdo not have access to conventional power.
Funding objective: The investment consists of a junior loan of EUR 1.5m that will support the expansion of Azuri’s Solar Home System business in Kenya.
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 1.5m will facilitate energy access to an additional 20,000 households, producing clean electricity and avoiding >32,000 tCO2. It is expected that 200 direct permanent jobs will be created by Azuri’s local distribution partners in Kenya by 2023.
Environmental and social rationale:
The investment is classified as E&S category ‘C’ due to minimal negative impacts associated with the identified E&S risks of the business activity.