Distributed Power Africa (DPA) Kenya Limited, a business of Cassava Technologies, has secured a $2.7 million debt facility with Mirova SunFunder to deploy solar energy solutions to commercial and industrial (C&I) customers in Kenya. Mirova SunFunder is a leading impact investor, solving energy access and climate change challenges in frontier markets, primarily Africa, by providing clean energy financing.
The loan facility will be structured with DPA Kenya Limited, whose other main shareholder is EDF (Électricité de France), one of the world’s largest multinational energy corporations. It will enable the organisation to unlock more solar energy solutions for their customers in the C&I sector and ensure increased access to renewable energy solutions that are much needed on the continent. DPA expects to deploy approximately 3MW of new installed solar capacity utilising the loan facility.
“We are excited to partner Mirova SunFunder in unlocking financing for scaling up energy for Africa. We believe energy is a fundamental pillar in supporting Africa’s economic development. With this financial investment, we will witness a remarkable uptake of renewable energy and increase business efficiencies in Kenya”
Norman Moyo, Chief Executive Officer of Distributed Power Africa
For Mirova SunFunder, this is another milestone in expanding their provision of debt facilities in the Kenyan market through their Solar Energy Transformation (SET) Fund [1], which has been fully deployed. The fund manager is working to further accelerate the adoption of renewable energy and climate solutions in Sub-Saharan Africa and other emerging markets.
“Mirova SunFunder’s local presence and financial expertise combined with the extensive customer pipeline of a leading pan-African company like DPA will accelerate the scaling of cost-effective solar energy solutions to businesses in Kenya”
Audrey Desiderato, Mirova SunFunder’s co-founder and COO
“We are happy to have kicked off an important relationship with DPA Kenya, at a time when climate change is a reality for all of us. We have seen a growing demand for solar in the C&I sector in Kenya, and we believe this facility will enable DPA to execute on their growing pipeline”
Jemimah Kwakye-Fosu, who led the transaction for Mirova SunFunder
DPA has vigorously engaged C&I businesses to adopt hybrid solar energy and lithium battery technology for energy resilience, increased business efficiencies and improved carbon footprints. The company is deploying energy projects across their markets in Kenya, Zimbabwe and South Africa, making great strides in data centres, telecom switching centres, telecom towers, manufacturing plants, hospitals, and other large industrial users.
[1] Funding vehicle established as a subsidiary of Mirova SunFunder Inc. and known as SET Fund. SET is a Delaware registered LLC (Limited Liability Company). SET is closed to investors. Mirova SunFunder is the manager company. Supervisory authority approval is not required for this fund vehicle.
See the press release for further detail and notes.