ElectriFI invests USD1.5 million in Azuri Technologies to kickstart its off-balance-sheet debt financing program
Azuri Technologies is a leading commercial provider of PayGo solar home systems to rural off-grid communities. With the widest reach of any provider in sub Saharan Africa, Azuri is leveraging solar and mobile technology to allow users in 12 different countries to access renewable, distributed power on a pay-as-you-go basis. Azuri has launched an innovative $20 million off-balance-sheet debt financing program to provide working capital for the expansion of off-grid energy and service provision in East Africa, including its satellite-TV solution, to tens of thousands more households across the its target countries.
ElectriFI is investing USD 1.5 million in the first phase of the financing program that is worth more than USD 4 million, alongside Azuri and its investment partners, including impact investment platform TRINE. The first phase will be deployed in Kenya. Subsequent phases of the program will expand to Azuri’s other key territories in East Africa including Tanzania, Uganda, and Zambia.