Azuri Technologies (follow-on)

Country

Kenya

Technology

Solar PV

Business model

SHS

Investment name:  Azuri Technologies

Contract signature date: January 2021

Website: https://www.azuri-group.com

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

Project overview:

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.