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M-KOPA Solar secures latest funding round

Africa , 15 Mar 2018

M-KOPA Solar secures latest funding round

Kenya-based off-grid energy provider M-KOPA Solar has secured its latest funding round, which it says will help it bring power to another one million homes over the next five years.

The investment amount is undisclosed, but it includes a first ever investment from FinDev Canada, which has put in US$10 million.

The round is being led by CDC, a previous investor that has invested another US$7 million, and also includes follow-on investments by existing shareholders Generation Investment Management and LGT Venture Philanthropy. Dave Easton from CDC has officially joined M-KOPA's board of directors.

M-KOPA has connected 600,000 homes across Africa, providing 75 million hours of kerosene-free lighting each month. Its battery-powered systems come with lights, phone charging, and a solar powered radio, paid for with daily mobile money payments.

"M-KOPA is about upgrading our customers' lives with high-quality and affordable energy solutions. This investment will help us bring power to another one million households over the next five years," said Jesse Moore, co-founder and CEO of M-KOPA Solar.

CDC CEO Nick O'Donohoe said his company was committed to supporting the off-grid solar industry in Africa.

"M-KOPA is changing the lives of hundreds of thousands of low-income families in East Africa by bringing affordable and clean energy, financial services and essential appliances to their homes. I'm delighted that other investors like Canada's new development finance institution are following our lead and investing long-term capital in the company," he said.

Paul Lamontagne, managing director of FinDev Canada said M-KOPA was exactly the type of entrepreneurial company that FinDev Canada wanted to support.

"Our investment will allow M-KOPA to reach more households across East Africa, providing access to power, improving the environment, creating significant levels of employment and helping customers save money and build a credit history," he said.

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