Militsa Mancheva — Kenyan solar power firm M-Kopa Solar said Monday it gained some USD-12.45 million (EUR 11m) in equity and debt as part of its fourth round of investment.
Nairobi-based M-Kopa leases solar power systems to off-grid customers.
The company explained that it will use the proceeds to expand its product range, to grow its East African operating base, as well as to license its technology to other markets.
The transaction was led by M-Kopa’s long-term investor LGT Venture Philanthropy, which has now made its largest contribution in the firm since it started supporting it financially in 2011. Existing supporters Lundin Foundation and Treehouse Investments also took part in the financing round, while Blue Haven Initiative invested in M-Kopa for the first time.
M-Kopa Solar has constructed more than 150,000 residential solar arrays across Kenya, Uganda and Tanzania.