Solar firm raises USD 10.5M to finance expansion.
A Kenya-based US solar kits firm has raised USD 10.5M through crowd funding to power local expansion.
Angaza Design, a San Francisco based alternative energy startup that offers technology to manufacturing and distribution companies to make clean energy devices for off-grid consumers, said the new debt finance will also power its regional expansion.
The Kenyan solar kits market has attracted multinationals like Indian firm Orb Energy and Germany-based Mobisol as well as local company M-Kopa.
Solar experts reckon that Kenya, like most African countries, has high potential for solar energy generation given high radiation levels from the sun throughout the year.
This has presented a huge market for independent investors to supply kits to off-grid customers.
About half of the country’s homes are not connected to the national electricity grid due to cost barriers, a challenge investors seek to tackle with flexible financing.