(Ecofin Agency) - M-Kopa, the Kenyan platform which provides digital financial services and solar systems and devices, is negotiating a $3 million expansion financing with the Dutch Development Finance Bank (FMO).
“The proposed facility increase of $3 million will add up to the existing receivables facility with M-Kopa Kenya. This will allow the company to continue its growth trajectory and provide more products to its customers,” FMO said in a note. Half the amount will come from Access to Energy Fund, which is an FMO-managed vehicle dedicated to financing energy projects in developing countries. The other half will be provided by Massif Fund, a vehicle that supports innovative businesses.
In 2017, these two funds each pumped $5.5 million into the capital of M-Kopa Kenya. To date, the Kenyan company has committed over $400 million in financing to an estimated 1 million clients, primarily in Kenya, Uganda, and Nigeria.