Reading Time: 2 minutes
Mirova SunFunder, an investment firm focused on financing distributed solar energy solutions in Africa, has announced $5.3 million in funding for the US-based solar home systems (SHS) and clean cooking kits provider, BioLite. The funding is a part of the expansion of the partnership between the two entities in sub-Saharan Africa.
Mirova and BioLite have been partners since 2017, and the recent funding will enable the companies to work together to expand renewable energy solutions across sub-Saharan Africa. The transaction, in partnership with the Facility of Energy Inclusion’s Off-Grid Energy Access Fund (FEI-OGEF), was arranged by the UK-based investment bank Lion’s Head Global Partners.
According to Mirova, the $5.3 million funding will help BioLite to finance its increased working capital needs, for its rapid expansion in Africa. Nicole Kugelmass, Director of Strategic Initiatives and Investments at SunFunder, said the new funding will enable the company to accompany BioLite in its journey to provide 20 million people with clean energy access by 2025.
Robb Dahir, the Chief Financial Officer of BioLite, commented, “Access to this additional capital is vital to continuing BioLite’s growth and success in the off-grid solar market and helping us to achieve our goal of providing clean energy and combating climate change.”
BioLite provides stand-alone solar energy systems like SHS and solar-powered appliances that enable the electrification of rural households. Since its inception, the solar energy company has provided clean energy access to nearly 3.6 million people in developed and developing countries, offsetting over 700 kilotons of carbon emissions and saving more than $175 million in end-user fuel costs.