New investment of £2.5 M will extend pay-as-you-go-solar to 100,000 more people in Africa and accelerate the achievement of UN SDG 7
LONDON, March 7, 2019 /PRNewswire/ -- Azuri Technologies, a leader in pay-as-you-go solar in Africa and crowdfunding platform Energise Africa today announced the latest phase of debt financing from UK impact investors to deliver affordable, clean energy and help solve the energy crisis in sub-Saharan Africa.
The Azuri and Energise Africa collaboration plans to raise £2.5 million for pay-as-you-go-solar and help more than 100,000 off-grid people in Sub-Saharan Africa access clean, affordable energy.
The investment will support low-income families in Kenya, Nigeria, Uganda, Zambia and Tanzania.
More than 600 million people across Africa live without access to electricity – limiting their life chances of achieving economic prosperity and improved quality of life. Universal access to affordable, reliable and modern energy services is one of the United Nation's Sustainable Development Goals and can only be met with access to sufficient investment.
Crowdfunding has emerged as a powerful way of financing the off-grid solar industry and is leading the way in increasing investor interest in the market.
Through Energise Africa, individuals in the UK can invest from as little as £50 in bonds, issued by solar businesses, to provide clean and affordable energy access, while targeting annual returns of 6%. Capital is at risk and returns are not guaranteed.
Azuri is a leader in pay-as-you-go solar technology and since 2012 has been supplying affordable solar home systems and products to the millions across Africa living off-grid without access to mains electricity.
In 2018, Azuri and Energise Africa raised £1.7 million from hundreds of UK investors to deliver clean, affordable energy products to more than 16,000 families in sub-Saharan Africa.
Simon Bransfield-Garth, CEO of Azuri, said: "Azuri is delighted to extend our partnership with Energise Africa and their community of UK-based retail investors to finance off-grid solar projects. With this innovative financing, thousands more households will be able to access modern solar energy for the first time."
Lisa Ashford, Managing Director Energise Africa, said: "Through Energise Africa, we are committed to providing UK based people with easily accessible opportunities to invest directly in sustainable businesses that can tackle climate change, create long-term social and environmental impact, and also deliver a potential financial return. We're looking forward to the prospect of working with Azuri Technologies again to help accelerate the achievement of UN SDG 7."
Energise Africa has been developed by Ethex and Lendahand – two of Europe's leading impact investing companies and is also supported by UK aid, Virgin Unite, Good Energies Foundation and P4G.
Over the past 20 months the Energise Africa community of investors has generated over £7.57 million for 12 solar businesses to provide 312,000 people in 10 African countries with access to clean energy, which has prevented almost 70,000 tonnes of CO2 emissions entering the atmosphere annually and also repaid almost £1.8 million back to investors.
Investing in Energise Africa projects via the www.energiseafrica.co.uk site involves risk, including the loss of all of your invested capital, illiquidity (the inability to sell assets quickly or without substantial loss in value), and it should be done only as part of a diversified portfolio.
The investment opportunities on www.energiseafrica.co.uk are not an offer to the public in any jurisdiction and are available only to registered members of the platform who have certified that they are eligible to invest. Any person who is not resident in the United Kingdom who wishes to view these investment opportunities must first satisfy themselves that they are eligible to do so under the securities laws and regulations applicable to them. This site does not constitute an offer of, or the solicitation of an offer to buy or subscribe for, any securities to any person in any jurisdiction to whom or in which such offer or solicitation would be unlawful.
In respect of its regulated activities, Lendahand Ethex Ltd is an appointed representative of Share In Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 603332).
About Energise Africa
Energise Africa is a ground-breaking initiative that provides people with the opportunity to invest in a range of pioneering businesses that install life-changing solar systems in homes in Sub-Saharan Africa – bringing clean energy and economic opportunities to families, whilst aiming to generate up to 6 % annual return for investors. Your capital is at risk and returns are not guaranteed.
Brought to you by two of Europe's online impact investing platforms Ethex and Lendahand and supported by UK aid, Virgin Unite Good Energies Foundation and P4G, Energise Africa intends to provide the critical investment needed to provide more than 500,000 people with access to clean and affordable energy over the next 3 years. www.energiseafrica.co.uk
About Azuri Technologies Ltd. (www.azuri-technologies.com)
Azuri Technologies is a leading provider of affordable pay-as-you-go solar home systems to off-grid consumers. Combining the latest solar innovation and mobile payment technology, Azuri delivers reliable, renewable and distributed power to the millions who have no access to modern powered services. Azuri operates in five key territories; Kenya, Nigeria, Zambia, Tanzania and Uganda with East Africa Headquarters in Nairobi, Kenya and West Africa Headquarters in Lagos, Nigeria. For more information, please visit: www.azuri-technologies.com
Additional notes for editors:
With just over 10 years left to the UN Sustainable Development Goal 2030 deadline there are still 600 million people across Africa living without access to mains electricity – limiting their life chances of achieving economic prosperity and improved quality of life. Based on current investment levels it is estimated that SDG 7 won't be achieved until 2080 – some 50 years too late!
A recent report from the Global Off Grid Lighting Association GOGLA estimated that a further $2.5 billion of investment would be needed in investment every year for the next five years in order to achieve SDG 7 and that one of the major factors inhibiting the growth of off-grid solar across Africa was the availability of low cost working capital to fund solar home systems which can then be provided to low income families on monthly payment plans – putting solar energy access within reach of millions more people.
Azuri Technologies Ltd.
SOURCE Azuri Technologies