M-Kopa co-founder and CEO Jesee Moore. FILE PHOTO | NMG
ummary
- M-Kopa Solar fired 450 workers in its subsidiaries in four countries to ease operational costs and boost profitability.
- Co-founder and CEO Jesee Moore said the firm was in a better position to meet its targets and expand solar connections to the next one million customers in Kenya, Uganda and Tanzania offices.
Kenya’s mobile phone-based solar kit reseller M-Kopa Solar fired
450 workers in its subsidiaries in four countries to ease operational
costs and boost profitability.
M-Kopa co-founder and
CEO Jesee Moore said the firm was in a better position to meet its
targets and expand solar connections to the next one million customers
in Kenya, Uganda and Tanzania offices.
“This was done
to reduce fixed costs and keep us on the path to profitability which
resulted in job reductions across offices in Kenya, Uganda, Tanzania and
UK, reducing our global headcount by 18 per cent,” he said.
Mr Moore spoke as he ushered in Sh1.7 billion in new funding
from the UK government’s private investment arm CDC Group (Sh700
million) and Sh1 billion from Canada’s new development finance
institution, FinDev.
“CDC is committed to supporting
the off-grid solar industry in Africa and we are increasing our
investment in M-Kopa by a further Sh700 million.
“Canada’s
new development finance institution, FinDev are investing long-term
capital in the company,” said CDC chief executive Nick O’Donohoe.
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