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EDFI ElectriFI, Oikocredit support

Solar Panda in Kenya

KENYA SOCIAL impact investor and worldwide coop- up our efforts at making electricity access uni-
erative Oikocredit with European Union (EU) versal” said Solar Panda’s Chief Executive Officer
funded Electrification Financing Initiative Andy Keith.
(EDFI ElectriFI) have co-invested $4 mn each Launched in 2017, Solar Panda has grown
in Solar Panda. quickly due to its high-quality products, afforda-
The investment will support delivery of solar ble pricing, excellent customer service, and
gadgets to low-income Kenyans. Solar Panda direct sales strategy. Solar Panda was ranked the
will use the money to grow its product offerings 3rd fastest growing company in Canada in 2021
and expand its footprint in Kenya, setting stage by Report on Business Magazine.
for expansion in Sub-Saharan Africa. Solar Panda’s gudgets are in over 200,000
“Over the next seven years, the funding will homes delivering clean affordable power to over
allow the company to connect over 100,000 1 mn Kenyans. Solar Panda’s gudgets enable
households across north and north-east Kenya, household access to light their homes, charge
the poorest regions of the country,” said Solar mobile phones, and provide a window to the
Panda in a July 6 press release. world through radio and television.
Over time, Solar Panda will have deployed “We are extremely delighted to become a
8.4 megawatts of renewable energy, allowing the shareholder of Solar Panda. The company has
avoidance of 400,000+ tons of carbon dioxide. displayed impressive growth over the last years
The firm has since 2018 provided over 200,000 and demonstrated strong resilience amid corona
solar home systems through 37 retail branches, virus (COVID- 19) pandemic,” said EDFI’s Elec-
making it one of the fastest growing companies triFI Senior Investment Officer Lionel Dieu.
It employs over 300 people and has network of “In a short period of time, Solar Panda has
over 1000 independent sales agents. demonstrated its capabilities in designing and
“We are excited to partner with leading global selling quality solar home systems needed by
impact investors Oikocredit and EDFI ElectriFI many households across Kenya,” said Oikocred-
and thankful that this funding will help us ramp it’s Equity Officer Alexander Remey.™

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