Okra Solar Pty Ltd
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
The customer is Okra Solar, they are an early-stage tech company operating in the rural electrification space. The Company developed a new technology for electrification of rural areas in off-grid markets, such as Sub-Saharan Africa, by linking Solar-Home-Systems (SHS) and pairing them with an innovative, in-house developed energy-sharing device, the Okra Pod. Okra operates a B2B model, selling their solution (hardware and software) to local developers, to electrify rural households at scale.
What is our funding objective?
The objective is to support Okra Solar with procuring a consulting firm or an independent expert to provide ‘Digital CFO’ services to assist in improvement of the financial reporting and strategic financial decision-making at Okra Solar.
Why do we fund this investment?
This project is funded through the Investee Strengthening component of the FMO Ventures Program Technical Assistance Facility, co-funded by the Dutch Government and European Union. This component seeks to enable the Ventures Program investees to meet relevant standards, improve company performance efficiency and revenue, and increase the impact of their business. This project supports these objectives by providing access to advice and the practical and hands-on support for Okra to grow its business and accelerate impact.
More investments
| Date | Total FMO financing |
|---|---|
| 7/5/2023 | USD 1.50 MLN |
- Region
- Africa
- Country
- Nigeria
- Sector
- Energy
- Publication date
- 12/21/2023
- Effective date
- 11/26/2023
- Total FMO financing
- USD 0.03 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B