A Kenyan firm which distributes solar kits by United Kingdom-based firm Azuri Technologies has secured a Sh56.7 million loan to boost its expansion in Kenya and grow its market share.
Raj Ushanga House (RUH), which instals Azuri’s pay-as-you-go solar kits in off-grid homes across the country, has secured the funds from US-based finance platform Lendable.
“The debt financing will enable us to reach more customers and finance their ownership of these assets. We will also be able to significantly expand the availability and variety of Azuri solar home systems in Kenya,” said Raju Haria, the chief executive of Raj.
The loan comes just two months after Azuri raised Sh17 million through crowd funding to power its expansion in Kenya where it is targeting 6,000 new customers.
The business already has a presence in Nyanza, Bomet and Eldoret.
Azuri has operated in Kenya since 2011, relying on local agents to supply solar kits.
Customers have the option of paying between Sh31.50 and Sh50 every day through mobile money services over a period of up to 18 months.