Open Capital is proud to have supported Oikocredit in their due diligence of Solar Panda, resulting in an $8 million Series A equity investment that will extend off-grid solar solutions to tens of thousands of under-served Africans.
Solar Panda is an off-grid solar company based in Kenya that aims to close the electrification gap estimated at >700 million people, with a majority located in Sub-Saharan Africa. They develop solar kits and distribute them to households, providing access to lighting, mobile charging, and radios, with the potential to upgrade to premium options that include TVs. Since 2018, the company has distributed over 200,000 kits across Kenya, also employing over 1,300 people.
Beyond solving the access gap with a clean energy solution for households and businesses, Solar Panda also increases financial inclusion. The company makes its products affordable with pay-as-you-go consumer finance, which allows for a customer to pay for a system over time, until the loan is fully repaid and the customer owns the system outright.
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