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Home Funding

FSD Africa invests US$4.5 million in Nithio FI to help Kenya, Nigeria, and Uganda scale up off-grid energy

Tech Gist Africa by Tech Gist Africa
06/26/2021
in Funding, Green Energy, Investments, News - East Africa, News - West Africa, Solar Energy, Sustainability
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FSD Africa Investments (FSDAi), FSD Africa’s investment arm, has invested US$4.5 million in Nithio FI, a renewable energy financing intermediary focused on the Pay as You Go (PAYG) off-grid solar sector, to provide reliable and sustainable renewable energy solutions for households and small businesses in Kenya, Nigeria, and Uganda.

Nithio Holdings is an AI-enabled energy financing platform whose objective is to standardize credit risk evaluations and hence drive more capital into the sector, especially through direct and efficient investments in off-grid solar enterprises.

Nithio FI seeks to finance more than 224,000 energy access items across Africa over the next five years, including solar home systems (SHS) and productive usage appliances.

“Innovation must play a crucial role in narrowing the power gap in Africa,” said Anne-Marie Chidzero, Chief Investment Officer, FSD Africa Investments.

We are guaranteeing that those communities most in need have priority access to renewable electricity by harnessing Nithio’s technical and analytical expertise.

Renewable energy emits the fewest greenhouse gases and air pollutants, thus investing in cleaner power sources will improve both the earth and our health.” Chidzero added.

FSD Africa’s investment adds to Nithio FI’s first round of funding of US$23 million, which will be used to expand off-grid energy financing in African markets.

 

Read more on Tech Gist Africa:

Orange is expanding its solar projects in Africa and the Middle East to reduce its carbon footprint

SHYFT Power Solutions Raises $3.1 Million in a Seed Round to Speed Up access to Affordable Energy

 

 

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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