Azuri Technologies obtains crowdfunded finance of $166 K, will use it to deploy 1200 solar home systems in Kenya
Written By: Stratton Report
March 14, 2017
On March 14, Azuri Technologies announced the success of its TRINE crowdfunding campaign to bring clean energy to an estimated six thousand people in Kenya.
According to the firm, the KES 17 million ($166,062.50) of debt finance will enable Azuri’s partner Raj Ushanga House to deploy 1,200 Azuri Solar Home Systems.
Per Azuri, the project is TRINE’s first “A” level risk rating to date and is one of the fastest to reach its original fundraising target, well ahead of schedule.
Azuri stressed that the crowd-investment market raised an estimated $2.1 billion in 2015, noting that the funding mechanism was an increasingly important means of financing new technology at scale in rural Africa.
Simon Bransfield-Garth, CEO of Azuri remarked: “We congratulate Raj Ushanga House and TRINE on this successful and innovative crowd-funding campaign. Crowd funding is clearly no longer just for start-ups and has the potential to provide a new class of capital for energy access.”
Sam Manaberi, Founder & CEO of TRINE, observed: “We’re thrilled to fully fund our 10th project together with Raj Ushanga House and Azuri. Almost 100,000 people will soon have access to clean energy since we started TRINE. This successful campaign further proves that the interest for investing in social, environmental and economical impact is continuing to increase. We look forward to keep working with the best entrepreneurs and bring solar where it’s needed the most.”
Raju Haria, CEO of RUH, noted: “Since our partnership with Azuri began a couple of years ago we have been able to directly finance products providing clean energy to off-grid households in Kenya. With our proven model, we are excited to bring in external debt providers such as TRINE to really scale up our customer base for basic energy products as well as appliances such as PayGo Solar TV.”