Solar solutions company Mobisol has strengthened its capital base by an additional substantial senior loan facility from Finnfund (Finnish Fund for Industrial Cooperation Ltd.), following an earlier loan in 2016 to Mobisol’s operations in Tanzania, Rwanda and Kenya.
This additional funding, granted up to €10 million, will support Mobisol’s fast expansion in East Africa, where the company installed nearly 10MW of capacity in Tanzania, Rwanda and Kenya, providing clean and reliable electricity to households and small businesses in low-income communities.
In this way, Mobisol enables particularly rural families and business owners to power a range of appliances, such as televisions, stereos and refrigerators to improve their standard of living and earn incremental income through solar-powered businesses, such as mobile phone charging stations, barber salons, movie theatres and more.
The new financial commitment will pave the way for further growth.
“Mobisol is very pleased about the sustained support from Finnfund, which allows us to further ‘plug in the world’ and connect more people to a reliable source of energy,” said Mobisol CEO Thomas Gottschalk. “This is not only adding to the socio-economic growth in insufficiently served regions in East Africa, but also contributes to a greener and more sustainable future globally.”
Jaakko Kangasniemi, CEO of Finnfund, said the company is excited to support Mobisol’s work and expansion in East Africa.
“For us, as an impact investor, the key is that supplying electricity to new areas can improve human lives, reduce inequality, and even help people out of poverty,” he said. “Simultaneously, the use of renewable energy helps us to fight against climate change, one of the biggest challenges of our time.“
Mobisol, a leading player in decentralized solar electrification, offers a clean and affordable alternative to fossil fuels for lower-income households and small businesses in rural sub-Saharan Africa. Combining solar energy hardware with mobile payment technology, Mobisol designs, procures, distributes and services large solar home and commercial systems. The company enables rural families and business owners to power a range of appliances, such as televisions, stereos and refrigerators to thereby improve their standard of living and earn incremental income by establishing solar-powered businesses.
Mobisol provides a credible alternative to a grid connection that millions have been waiting for in vain, and ensures affordability through flexible payment plans.
For more information, visit www.plugintheworld.com
Finnfund (Finnish Fund for Industrial Cooperation Ltd) is a Finnish development finance institution, aiming to foster sustainable development by providing long-term risk capital for private projects in developing countries. Investment criteria include profitability, sustainability and positive development impacts. Since 1980 Finnfund has made nearly 370 investments in almost 70 countries. Currently, Finnfund has approximately 613 million euros invested in or committed to 167 projects in 34 countries.
For more information, please visit www.finnfund.fi