UpOwa Cameroun SASU
- Solar PV
- Business model
Contract signature date: June 2020
Total ElectriFI financing: EUR 3m
Environmental and Social Category: C
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk
Brief description of the project: UpOwa is an off-grid energy company distributing solar home systems using pay-as-you-go technology and is the first mover and currently the leader in Cameroon. UpOwa operates a lease-to-own model where the buyer pays an upfront fee and then a monthly leasing fee based on an 18 to 24-month contract period.
Funding objective: ElectriFI supports UpOwa expansion in Cameroon, via further sales and the diversification of product portfolio in the Center, West, Littoral, South, East and Adamawa regions.
Why ElectriFi wants to fund this project: UpOwa plays a catalytic role in bringing solar PV solutions to rural population in Cameroon. UpOwa customer base is expected to grow over 50,000 active customers by 2022, meaning providing access to electricity to more than 250,000 people while creating 250 jobs.
Environmental & social rationale:
The Project is rated category C.
The Project is rated category C. Activities come with limited adverse risks associated with waste management and battery disposal. IFC Performance Standards 1 to 3 can be triggered. These are expected to be mitigated appropriately via the Environmental and Social Management Plans of the company.