Social impact investor Oikocredit is providing a credit line of EUR 2 million to Spark, a company focused on the supply of pay-as-you-go (PAYGO) off-grid modular solar solutions and appliances. This credit line will support Spark in providing the infrastructure for electricity access in sub-Saharan Africa, elevating the living standard of an estimated 500,000 under-served households.
The credit line will enable Spark to provide low-income people in the sub-Saharan region with access to renewable energy as well as the path to own off-grid solar-powered systems that can be extended to fit the growing energy needs of the users. Access to clean and reliable electricity will support improving living standards, increasing earning potential, and achieving lives of greater dignity for the people in the region.
Spark has pioneered and built innovative solar energy solutions in the African region, since its inception. The company has already sold more than 75,000 energy kits, helping to improve the lives of over 375,000 people and providing technical capacity building to more than 2,700 solar sales agents.
The Finance Director of Rural Spark, Bas Pijnenburg said, “Cooperating with Oikocredit enables us to provide renewable electricity to significantly more homes and villages. Working with Oikocredit means we have a partner with a strong presence in the sector. Combining our strengths, we believe Oikocredit and Spark can lead the way towards a better, solar-powered future for under-served households and communities.”
Siebren Wilschut, Investment Officer at Oikocredit, commented, “We’re very pleased to support Spark in its expansion to ensure access to energy and other technology services across Africa. We’re proud to be partnering with Spark, a game-changer in the industry, and to support the company as it continues to scale up and increase its social impact by helping low-income people become healthier, improve their livelihoods, and be better connected.”Renewable energy generated by solar home systems of Spark over their product lifetime avoids nearly 200,000 metric tons of CO2 equivalent by replacing the diesel generators and kerosene lanterns.