A Strathmore University building fitted with solar panels. PHOTO | GERALD ANDERSON | NATION MEDIA GROUP
More people living in areas off the national electricity grid
will have access to power, following a Sh2 billion deal to fund
development of solar mini-grids in Kenya and other African countries.
Powerhive,
a California-based company with offices in Kenya and the Philippines,
which is involved in development of the mini-grids, has announced that
it has just concluded a financing round that has attracted eight venture
capital firms including, Prelude Ventures, Total Energy Ventures and
Caterpillar Ventures.
Powerhive said the new funding
would aid its expansion into new markets in Africa and the Asia-Pacific,
as well as continued growth in Kenya, where it has operated mini-grids
since 2012.
“We are thrilled to be working with such a
diverse and well respected investor base. Each investor brings unique
expertise experience, which will prove invaluable as we advance our
mission to provide clean energy access to millions of people around the
globe,” said Powerhive chief executive Christopher Hornor.
Kisii and Nyamira
Last
month, Powerhive received Sh1.12 billion equity investment in a
mini-grid project that will serve about 90,000 people living in Kisii
and Nyamira counties.
Mini-grids are preferred for
their ability to support use of productive equipment and enabling
operation of vital community services such as health clinics and
schools.
They are cheaper to install compared to extending the reach of the national grid, hence their use.
Powerhive
has operated mini-grids in Kenya since 2012, mainly using solar energy.
Its business model enables development, financing and management of
bankable solar micronetworks in the markets it operates.
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