M-Kopa firm in first energy investment in Tanzania
Duncan Onyango, Acumen East Africa director. PHOTO | FILE
What you need to know:
Social venture fund Acumen has teamed up with Opes Impact Fund, Persistent Energy Capital and Heri Africa to invest undisclosed amounts in Tanzania solar energy firm, Devergy.
Acumen has also invested in solar energy in Kenya with a product called M-Kopa.
Social venture fund Acumen has teamed up with Opes Impact Fund, Persistent Energy Capital and Heri Africa to invest undisclosed amounts in Tanzania solar energy firm, Devergy.
The firm targets the rural population not served by the national grid.
The investors said it has already connected more than 800 households in six villages.
“Acumen is very proud to make its first investment in the energy sector in Tanzania especially to rural populations, we see Devergy as the long-term, innovative partner that will provide these much needed services to Tanzania and the rest of East Africa,” said Duncan Onyango, Acumen East Africa director.
Acumen has also invested in solar energy in Kenya with a product called M-Kopa.
“Our investment in Devergy reinforces Acumen’s commitment to tackling poverty through market solutions and highlights the importance of leveraging innovation to creatively meet the needs of the poor as they work towards raising their incomes and living standards.”
Low-cost housing It has 23 active investments in the region, focusing on agriculture, low-cost housing, health, water, sanitation and energy. In 2011, Acumen invested $1.1 million (Sh111.8m) in M-Kopa, a firm that distributes solar lamps that can be bought via mobile phone money transfer services.
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