(Business in Cameroon) - EDFI ElectriFI (an impact investment facility initiated by European Development Finance Institutions and funded by the European Union) recently signed a €3 million (a little over XAF1.9 billion) debt facility agreement with Franco-Cameroonian startup UpOwa.
Thanks to the funding facility, UpOwa will boost its solar energy offer in Cameroon, where it focuses on rural zones with poor access to electricity.
“We are very proud of our footprint in Cameroon so far and the benefits that we are delivering to our customers (…) EDFI ElectriFI’s trust is an acknowledgment that, along with other key strategic partners, we will expand our position in the country and reach bold sustainable impact objectives,” said Kilien de Renty (CEO and co-founder of UpOwa).
“UpOwa is a great start-up company supported by a very professional and committed management team and we are excited to add them to our portfolio of investee companies,” explained Jean-Denis Collin EDFI ElectriFI Senior Investment Officer.
Specialized in the supply of low-cost solar kits (clients can buy on credit and pay by monthly installments), UpOwa has already helped 60,000 households access electricity in rural areas in Cameroon, according to EDFI ElectriFI.