Mobisol, a German solar energy provider has secured Sh1.19 billion ($11.4 million) from Finnish industrial fund manager FinnFund to expand its operations across East Africa.
Mobisol already has a visibly strong presence in Kenya where it has about 10 megawatts of installed solar energy capacity, servicing homes and small businesses in the country. It is also present in Tanzania and Rwanda.
But the German energy provider is looking to expand its presence in these markets. It had already revealed earlier this year that it plans to open 20 more stores in Kenya alone, Business Daily Africa reported.
The funding from FinnFund will assist in this massive store openings across Kenya as well as in executing expansion projects across Tanzania and Rwanda. “It allows us to further plug in the world and connect more people to a reliable source of energy,” said Thomas Gottschalk, Mobisol chief executive.
FinnFund’s Chief Exec Jaakko Kangasniemi believes the fund it released to Mobisol will not only help in providing cleaner energy to East African homes but would go a long way in contributing to a greener continent and more sustainable energy future.