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Solar power company, Mobisol has acquired large investments from the International Finance Corporation (IFC), as well as from the Dutch development bank.
The IFC has invested €5.42-million in equity while the AEF and MASSIF Dutch government fund has invested €9.2-million.
“Our partnership with IFC and FMO, alongside Investec Asset Management marks an important milestone in the growth history of Mobisol. We are excited by the value such a reputable list of global investors stand to bring to Mobisol. We can now concentrate on scaling and even better serving our customers,” said founder and CEO of Mobisol, Thomas Gottschalk in a press release.
According to Mobisol, they’ve already installed more than 67000 solar home systems in Tanzania and Rwanda. This gave over 330 000 consumers access to electricity. The company has created a payment solution which allows customers to pay off their systems over three years via mobile money.
Mobisol will use these funds to expand into Rwandan and Tanzanian markets
According to Mobisol, this keeps the cost down — comparable to what a customer would typically spend on kerosene, candles and batteries.
“IFC’s investment in Mobisol reflects our commitment to bridging the infrastructure gap and to mitigating climate change by delivering reliable, clean and affordable alternatives to fossil fuels for lower income households in Sub-Saharan Africa,” said IFC director for East and Southern Africa, Oumar Seydi.
“Our partnership with Investec Asset Management, FMO and DEG will help deliver the Mobisol solar home systems to other parts of Africa,” he concluded.
Featured image: Xujk via Flickr