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Headquarted in Canada and Nairobi, Solar Panda designs, manufactures and distributes pay-as-you-go (PAYGo) solar home systems (SHS) to low-income communities in Kenya. Launched in 2017, the company has expanded to more than 200,000 homes through 37 branches in Kenya, making it one of the fastest-growing companies in the sector.

Using the Oikocredit and EDFI ElectriFi financing, the SHS company will grow its product offering, expand its footprint in Kenya and set the stage for further expansion into sub-Saharan Africa.

Alexander Remy, Equity Officer at Oikocredit, said Solar Panda has in a short period of time demonstrated its capabilities in designing and selling quality solar home systems needed by many households across Kenya. “We are happy with the strong local talent they have assembled and are certain they can continue delivering positive results.

“As a shareholder in Solar Panda and an equity investor in renewable energy for social impact, Oikocredit will continue directing its efforts towards making clean energy accessible and improving the quality of life for underserved communities.”

Lionel Dieu, ElectriFI Senior Investment Officer at EDFI Management Company, said the company has displayed impressive growth over the last years and demonstrated strong resilience amidst COVID-19 pandemic and associated lockdown.

“Through this co-investment with Oikocredit, we aim at supporting the company in its next stage of development and realise its full potential. This includes reaching an increasing amount of households with no access to electricity in Kenya underserved counties, ie Northern regions displaying higher (energy) poverty levels,” explained Dieu.

Andy Keith, founder and CEO at Solar Panda, said they are thankful this funding will help them ramp up their efforts at making electricity access universal: “I’m very proud of the growth and success our team has been able to achieve over the past four years and, with nearly one billion people in the world without access to electricity, we feel we are just getting started.”