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Azuri Technologies

Country
Kenya
Technology
Solar PV
Business model
SHS

ElectriFI invested USD 1.5 million in junior debt to support the expansion of Azuri’s Solar Home System business in Kenya.

Contract signature date: December 2017
Total ElectriFI financing: USD 1.5 m
Environmental and Social Category: B

*(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

Brief description of the client and project

Azuri Technologies is a leading commercial provider of PayGo solar home systems to rural off-grid communities. With the widest reach of any provider in sub Saharan Africa, Azuri is leveraging solar and mobile technology to allow users in 12 different countries to access renewable, distributed power on a pay-as-you-go basis.  Azuri has launched an innovative $20 million off-balance-sheet debt financing program to provide working capital for the expansion of off-grid energy and service provision in East Africa, including its satellite-TV solution, to tens of thousands more households across the its target countries.

Funding objective

ElectriFI is investing USD 1.5 million in the first phase of the financing program that is worth more than USD 4 million, alongside Azuri and its investment partners, including impact investment platform TRINE. The first phase will be deployed in Kenya. Subsequent phases of the program will expand to Azuri’s other key territories in East Africa including Tanzania, Uganda, and Zambia.

Why ElectriFi wants to fund this project

Azuri’s long-term vision is to bridge the digital and services gap that exists between urban and rural communities through the power of solar. it is also committed to make and monitor its impact on rural population at different levels. By employing local agents, Azuri has created more than 5,000 new jobs across sub-Saharan Africa. Azuri is also keen to promote equal opportunities for men and women. Besides offering better living conditions to households gaining acces to electricity, Azuri is also making it possible for off-grid consumers to access micro-insurance services through HospiCash, a unique, affordable income cover and life insurance exclusive to rural solar customers.

 

At a glance

Impact

Number of beneficiaries
400,000
Annual output (MWh/y)
1,433
GHG avoidance (tCO2eq/y)
11,505

Key indicators

Beneficiary
Azuri Technologies
Financing instrument
Junior Debt
Amount
USD 1.5 million
Country
Kenya
Technology
Solar PV
Business model
Solar Home System
Year
2017
Facility
ElectriFI global
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