Pawame CEO Maurice Parets. FILE PHOTO | NMG
Summary
- Pawame (pronounced “power me”) is seeking to reach remote areas of the continent with solar energy, having already connected 20,000 people.
- The firm aims to electrify 150 million households in sub-Saharan Africa that do not have access to grid power.
- It says it provides cost-effective pay-as-you-go solar home systems on a micro-finance basis, “making it affordable for everyone.”
United Arab Emirates (UAE)-based off-grid solar start-up Pawame
has raised $2 million (Sh200 million) in funding through Gulf-based
investors to expand its operations in Kenya and other African countries.
Pawame
(pronounced “power me”) is seeking to reach remote areas of the
continent with solar energy, having already connected 20,000 people.
The firm aims to electrify 150 million households in sub-Saharan Africa that do not have access to grid power.
It
says it provides cost-effective pay-as-you-go solar home systems on a
micro-finance basis, “making it affordable for everyone.”
The company did not disclose the investors in the capital
raising, but said its largest shareholders were senior executives at the
largest power utility companies in the Middle East.
“We
are delighted with this strong response from our investors. The funding
raised will allow us to further accelerate our current growth momentum
by expanding the Pawame’s footprint in Kenya and other parts of Africa,”
said Alexandre Allegue, chairman and co-founder of Pawame.
By financing power access through loans in remote areas, it also collects data on credit history.
“Pawame’s
business model is to grow sustainably, acquiring customers with its
solar home system and collecting reliable data to build a trusted credit
history,” Pawame CEO Maurice Parets said.
“The company
leverages customer’s credit scores as a gateway to providing families
access to further life-enhancing products and services such as loans,
insurance and access to TV/Internet.”
Solar experts
reckon that Kenya, like most African countries, has high potential for
solar energy generation given high radiation levels from the sun
throughout the year.
The intensity of sunlight, not
heat levels, determines solar electricity production. Kenya’s total
installed power capacity is 2,370 megawatts, with solar power accounting
for less than one per cent.
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