Solar kits firm d.light Design raises US11.9m from Norfund to power Kenya expansion

KENYA – Solar kits company d.light, has raised 11.9 million to power its expansion in Kenya as it eyes a bigger share of the solar energy market. Delhi based d.light design, which provides affordable lighting and power solutions raised the funds from Norfund, the Norwegian Investment Fund for Developing Countries, through its capital raising vehicle Brighter Life Kenya 1 Limited (BLK1). “BLK1 has been structured to provide d.light Kenya with local currency financing equivalent of US$127 million in face value of receivables purchased over a two-year commitment period and is…

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Phatisa Food Fund 2 reaches its final close following investments from group of DFIs

AFRICA – Phatisa Food Fund 2 (PFF 2), a sector-specific African private equity fund manager, has reached a US$143 million final close following an US$82 million joint commitment from a group of development finance institutions (DFIs). The DFIs include CDC, Norfund, Finnfund, FinDev Canada, and BIO which committed to the Fund’s final close with US$30 million, US$20 million, US$15 million, US$10 million and US$7 million, respectively. “We are pleased to welcome this multinational group of investors to Phatisa Food Fund 2, a fund focused on increasing investment in the undercapitalised…

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Greenlight Planet Inc. secures $90 million funding for expansion

KENYA – Greenlight Planet Inc., the largest provider of solar-powered home energy products in sub-Saharan Africa and South Asia, has secured $90 million in new funding to expand its Pay-As-You-Go (PAYG) solar consumer financing business and consolidate its debt portfolio. Under its Sun King brand, Greenlight Planet operates the largest direct-to-consumer PAYG solar distribution and service network in the world, having delivered over 1.3 million PAYG solar products to date in Kenya, Tanzania, Uganda, and Nigeria, expanding at a rate of over 65,000 new rooftop solar installations per month. The…

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Safari operator Asilia Africa secures US$9m debt financing from IFU and Norfund

KENYA – The Investment Fund for Developing Countries (IFU) and Norfund a Norwegian private equity company, have jointly provided US$9 million in debt financing to Asilia Africa, a safari operator in East Africa, to fund the company during the COVID-19 crisis and sustain the impact until the safari tourism is back to normal. For many years, Asilia’s 19 safari lodges in Kenya and Tanzania have been giving tourists a unique experience and insight into the wildlife and people of East Africa. The company offers eco-safari experiences that contribute to the…

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Phatisa and partners acquire Malawian agricultural solutions provider

MALAWI – Phatisa Food Fund 2 (PFF 2) and a group of co-investors, Norfund, Mbuyu Capital and DEG have acquired Southern African integrated agricultural solutions provider, Farming and Engineering Services Limited (FES). FES, established in Malawi in 1967, caters for a broad customer base of commercial and emerging farmers. The investment will support FES’s long term growth strategy, assisting the company to expand its successful business model to neighbouring countries. Mike Aldworth, Group Managing Director of FES, commenting on the acquisition stated, “This transaction is a vote of confidence in the…

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Facility for Energy Inclusion attracts US$160m in commitments for small-scale renewable energy

Ethiopia secures US$165M in grant funds from AfDB to bolster COVID-19 emergency response efforts

AFRICA – The African Development Bank (AfDB), the European Commission, KfW, the Clean Technology Fund, Norfund, and other investors have committed US$160 million to the first close of the Facility for Energy Inclusion (FEI). FEI is a targeted US$400 million fund to improve energy access across Africa through small-scale renewable energy and mini-grid projects. Spearheaded by the AfDB, FEI serves as a financing platform to catalyze financial support for innovative energy access solutions. The bank, as the Facility’s anchor sponsor, has put up US$90 million in financing. That sum includes…

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Norfund invests in We Light to improve electricity access in rural Madagascar

MADAGASCAR – Norfund, a private equity company, has closed an investment agreement with We Light, a company that provides access to renewable energy to un-electrified villages in Sub-Saharan Africa, to improve rural populations access to cheaper and more reliable electricity.  The aim is to build mini-grids in hundreds of villages in Madagascar, and thereby improve the electricity at work and at home.  Madagascar is one of the poorest countries in the world. With a population of 25 million people, about 80% live below the poverty line (less than US$1.9/day) and…

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