$ 1 million commitment from the SIMA fund to electrify communities in Kenya
Social Investment Managers and Advisors (SIMA) and Renewvia Energy Corporation, a global solar developer, announced their partnership to electrify rural Kenya communities underserved by conventional utilities.
The agreement includes a $ 1 million commitment from SIMA Off Grid Solar and Financial Access Senior Debt Fund I, BV to enable Renewvia to expand access to energy on the islands of Ringiti and Ndeda. The fund currently owns and operates two solar mini-grids on the islands. This new agreement will help develop new solar mini-grids in five communities in Turkana County, Kenya.
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Renewvia will develop and operate solar mini-grids in the communities of Lomekwi, Nakukulas, Locheremoit, Kagintan, Kori and Lorengelup by the end of 2021. These mini-grids will provide clean, reliable and affordable energy to more than 7,500 individuals and several small and medium enterprises. , laying the foundation for improved livelihoods and economic growth.
On the islands of Ringiti and Ndeda, located in Lake Victoria, SIMA funding will help expand access to energy to an additional 2,200 individuals and small businesses where Renewvia has been providing reliable, affordable and clean energy for two years. Renewvia plans to complete this work by June, eventually reaching a total of 5,000 people and small businesses on the islands.
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“SIMA is committed to investing in Africa’s off-grid solar sector and bringing solar solutions to communities to enable economic growth, reduce carbon emissions and improve environmental sustainability,” said Asad Mahmood, CEO and Managing Partner of SIMA.
Trey Jarrard, CEO of Renewvia Energy, said: “We look forward to expanding this partnership in the near term to enable us to meet the important need to provide clean and reliable energy to power even more rural communities. ”