New investment of £2.5 M will extend pay-as-you-go-solar to 100,000 more people in Africa and accelerate the achievement of UN SDG 7
PRESS RELEASE, London 7 March 2019: Azuri Technologies, pay-as-you-go solar in Africa and crowdfunding platform Energise Africa today announced the latest phase of debt financing from UK impact investors to deliver affordable, clean energy and help solve the energy crisis in sub-Saharan Africa.
The Azuri and Energise Africa collaboration plans to raise £2.5 million for pay-as-you-go-solar and help more than 100,000 off-grid people in Sub-Saharan Africa access clean, affordable energy.
The investment will support low-income families in Kenya, Nigeria, Uganda, Zambia and Tanzania.
More than 600 million people across Africa live without access to electricity – limiting their life chances of achieving economic prosperity and improved quality of life. Universal access to affordable, reliable and modern energy services is one of the United Nation’s Sustainable Development Goals and can only be met with access to sufficient investment.
Crowdfunding has emerged as a powerful way of financing the off-grid solar industry and is leading the way in increasing investor interest in the market.
Through Energise Africa, individuals in the UK can invest from as little as £50 in bonds, issued by solar businesses, to provide clean and affordable energy access, while targeting annual returns of 6%. Capital is at risk and returns are not guaranteed.
Azuri is a leader in pay-as-you-go solar technology and since 2012 has been supplying affordable solar home systems and products to the millions across Africa living off-grid without access to mains electricity.
In 2018, Azuri and Energise Africa raised £1.7 million from hundreds of UK investors to deliver clean, affordable energy products to more than 16,000 families in sub-Saharan Africa.
Simon Bransfield-Garth, CEO of Azuri said: “Azuri is delighted to extend our partnership with Energise Africa and their community of UK-based retail investors to finance off-grid solar projects. With this innovative financing, thousands more households will be able to access modern solar energy for the first time.”
Lisa Ashford, Managing Director Energise Africa said: “Through Energise Africa, we are committed to providing UK based people with easily accessible opportunities to invest directly in sustainable businesses that can tackle climate change, create long-term social and environmental impact, and also deliver a potential financial return. We’re looking forward to the prospect of working with Azuri Technologies again to help accelerate the achievement of UN SDG 7.
Energise Africa has been developed by Ethex and Lendahand – two of Europe’s leading impact investing companies and is also supported by UK aid, Virgin Unite, Good Energies Foundation and P4G.
Over the past 20 months the Energise Africa community of investors has generated over £7.57 million for 12 solar businesses to provide 312,000 people in 10 African countries with access to clean energy, which has prevented almost 70,000 tonnes of CO2 emissions entering the atmosphere annually and also repaid almost £1.8 million back to investors.
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