Pay-as-you-go solar energy company Azuri Technologies is seeking to raise Sh2 billion from private equity firm Sunfunder for expansion in Kenya.
SunFunder, which has offices in Kenya and the United Kingdom, describes itself as a provider of debt financing for solar enterprises working in emerging and frontier markets.
Speaking when he launched the Brighter Lives Initiative under its Women in Solar Programme in Nairobi, Azuri’s chief executive Simon Bransfield-Garth said demand for solar lighting, phone charging and powering solar television sets had necessitated their call for fresh capital.
“Since 2012, we have invested Sh5 billion in this venture that has 2,000 trained solar technicians-cum-agents out of whom 35 percent are women.
The cash call will run for the next three months,” he said in Nairobi.
Mr Brandsfield-Garth said the company had also expanded its operations to Tanzania, Uganda, Zambia and Nigeria.
“Rural Kenyan communities no longer use kerosene lamps but have solar lights, save money that was earlier spent on charging phones at the shopping centre. Businesses are now able to work for longer hours as lighting is available,” he said.