UpOwa raises €3m from EDFI ElectriFI to accelerate expansion in Cameroon
EDFI ElectriFI signed a €3 million debt facility with UpOwa, the leading Pay-As-You-Go solar home system and energy services provider in Cameroon.
After a successful equity round with new partners in 2019 (REPP, Colam Impact and LITA.co) and the extension of a working capital debt facility from Lendahand, UpOwa and EDFI ElectriFI joined forces preparing for faster expansion in rural areas.
“We are very proud of our footprint in Cameroon so far and the benefits that we are delivering to our customers” stated Kilien de Renty, CEO and co-founder of UpOwa. “EDFI ElectriFI’s commitment is a new stepping stone towards the scale-up of our model in Cameroon. EDFI ElectriFI’s trust is an acknowledgement that, along with other key strategic partners, we will expand our position in the country and reach bold sustainable impact objectives”.
Jean-Denis Collin, EDFI ElectriFI Regional Manager at EDFI Management Company stated “UpOwa is a great start-up company supported by a very professional and committed management team and we are really excited to add them to our portfolio of investee companies”. Quentin Antoine, EDFI ElectriFI Senior Investment Officer, who led the transaction on behalf of EDFI Management Company adds that “UpOwa shows a vision of how to scale up professionally while being backed by a promising group of investors. We believe that the quality of their operations and management allows to significantly increase impact in rural Cameroon with over 60.000 households and entrepreneurs gaining access to clean electricity in the coming years”.
Caroline Frontigny, CBDO and co-founder of UpOwa, added “The team is elated to count EDFI Management Company as a long-term partner for its development. The support of EDFI ElectriFI will boost the distribution of higher capacity solar home systems in Cameroon and amplify upOwa’s impact on rural communities.”
“The partnership with EDFI ElectriFI intensifies our market penetration in the Cameroon, a challenging and complex market. We will be improving significantly rural people lives through access to an affordable, reliable, and sustainable energy in distant and isolated areas. This is the basis of a better social and economic environment”, commented Loïc Descamps, managing director of UpOwa Cameroon.