Renewvia Energy secures USD-1m of SIMA funds for solar mini-grids in Kenya

US solar developer Renewvia Energy Corporation announced on Wednesday that it has received a USD-1-million (EUR 820,400) commitment from impact investor Social Investment Managers and Advisors LLC (SIMA) to build new solar mini-grids and electrify rural communities in Kenya.

SIMA committed the investment through the SIMA Off Grid Solar and Financial Access Senior Debt Fund I, B.V.

The financial support will enable the Atlanta Georgia-based Renewvia Energy to develop and operate solar mini-grids in the Turkana County communities of Lomekwi, Nakukulas, Locheremoit, Kagintan Kori, and Lorengelup by the end of 2021. These systems will power more than 7,500 individuals and multiple small and medium-sized businesses, Renewvia said.

Another SIMA-funded project will send Renewvia back to the islands of Ringiti and Ndeda, on the Kenyan side of Lake Victoria, where its already owns and operates two solar mini-grid systems. There, Renewvia intends to expand energy access to an additional 2,200 individuals and small businesses, with the aim to finalise the work by June.

“We are thrilled to partner with SIMA at a time when Renewvia is significantly scaling its portfolio in Kenya and Nigeria to advance energy access, especially in the most remote places,” said Trey Jarrard, Renewvia Energy CEO.

“SIMA is committed to investing in the African off-grid solar sector and bringing solar solutions to communities in order to enable economic growth, reduce carbon emissions and improve environmental sustainability,” added Asad Mahmood, CEO and Managing Partner at SIMA. “Renewvia has a track record of successfully delivering reliable, clean power to several communities in Kenya, and we look forward to working with them on these projects and beyond.”

(USD 1.0 = EUR 0.821)

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