OFF GRID SOLUTIONS
Status: Completed investmentWhy disclosure?
FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more
In case of questions
In case of questions, please contact us at disclosure@fmo.nl
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
Our client is Off Grid Solutions B.V., a Haarlem based start-up which manufactures, distributes and sells small off-grid solar lights and charging systems globally.
What is our funding objective?
The objective is to finance 50% of the costs of Off Grid Solutions pilot project to distribute its key product, the Waka Waka Power in Rwanda. The pilot will be trialing an innovative "pay-as-you-go" approach which means the costs of the Waka Waka Power unit are paid off over time via scratch card and mobile money payments by customers.
Why do we fund this investment?
FMO funded this project as it provides an innovative solution in providing off-grid energy solutions to communities in Rwanda, a country in which 90% of people do not have access to electricity. The "pay-as-you-go" approach is designed to overcome the common problem of high up-front costs preventing people from using and benefitting from off-grid solar devices.
- Website customer/investment
- http://www.wakawakalight.com
- Region
- Africa
- Country
- Rwanda
- Sector
- Infrastructure, Manufacturing and Services
- Effective date
- 6/26/2014
- End date
- 4/15/2020
- Total FMO financing
- EUR 0.60 MLN
- Funding
- AEF-I
-
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) - C