(Ecofin Agency) - Institutional investors and banks have granted $80 million to M-Kopa Solar, a Kenyan firm which provides solar power kits.
Part of the funding was secured via a syndicated loan of $55 million mobilized by Stanbic Bank of Keyna which in addition to $9 million of private capital got the financial support of the Commonwealth Development Corporation, or the Netherland and Norwegian Funds for development finance.
The remaining part of the financing was secured from some private investors led by the Swiss emerging nations focused firm, ResponsAbility.
With the money, M-Kopa will be able to finance its expansion in Eastern Africa, where it already operates in three countries, namely Kenya, Tanzania and Uganda.
Idriss Linge