Social investors inject Sh180m into off-grid power
Kenya has raised Sh180 million from social impact investors to expand off-grid connections for rural populations over the past year.
A report on crowd-funding for energy access by not-for-profit organization Energy4Impact Africa showed private companies implementing low-cost alternative renewable energy projects in Kenya, conducted 2,000 campaigns on the Kiva crowd funding platform.
The report says participating off-grid companies raised funds to buy solar equipment directly from manufacturers which, they brought to Kenya and sold at subsidized prices on a pay-as-you-go model.
“Debt crowd-funding is the most promising and sustained growth of all energy access related crowd-funding activity.
“Compared to 2015 that realized KSh340 million on zero-interest microloans, interest-bearing working capital loans grew significantly in 2016 accounting for almost half of all energy access related debt,” it says.
Kenya was followed by Ghana with three campaigns, which raised Sh43.5 million while Mali raked in Sh38.5million.
Zambia raised Sh17.2 million through 16 campaigns.