A Kenyan startup company, Solar Panda, has secured Ksh940 million funding to expand its activities across the country.
In a joint statement released on Saturday, July 9 by Electrification Finance Initiative (EFDI) and Okicredit, it was stated that duo decided to invest in the solar company to offer a more affordable source of power to Kenyans.
The duo explained that the company had demonstrated growth in the country over the years and wanted to help them reach more people through its green energy initiative.
"With EDFI ElectriFI’s and Oikocredit’s financing, Solar Panda will use this investment to grow its product offerings and expand its footprint within Kenya including traditionally underserved counties.
"This will also set the stage for further expansion in Sub-Saharan Africa. Over the next seven years, the funding will allow the company to connect over 100,000 households across North and North-East Kenya, the poorest regions of the country," read the statement in part.
During the announcement, it was also revealed that the company has connected over 200,000 families and is aiming to connect one million Kenyans after the funding.
Solar Panda founder, Andy Keith, expressed that the funding will create jobs in the long run as they expand their operations to the counties.
Keith revealed that the company has been able to hire 300 Kenyans since it was founded in 2018.
"We are excited to partner with leading global impact investors Oikocredit and EDFI ElectriFI and thankful that this funding will help us ramp up our efforts at making electricity access universal.
“I’m very proud of the growth and success our team has been able to achieve over the past 4 years and, with nearly one billion people in the world without access to electricity, we feel we are just getting started," he stated.
On his part ElectriFI Senior Investment Officer, Lionel Dieu revealed that counties in the northern part of Kenya will be the first priority as they have had challenges accessing power over the years.
As part of the funding deal, the two funders were also allocated shares in the Kenyan firm.
File photo of solar panels installed on top of the house
