IFC, FMO pour EUR 14.6m into off-grid solar firm Mobisol

The International Finance Corporation (IFC) and funds managed by Dutch development bank FMO have invested a total of EUR 14.6 million (USD 15.5m) in Berlin-based, Africa-focused off-grid solar home systems installer Mobisol GmbH.

IFC said in a statement on Monday it is investing EUR 5.42 million, while the AEF and MASSIF Dutch government funds managed by FMO are contributing EUR 9.2 million. This will allow Mobisol to further grow in the existing markets of Rwanda and Tanzania, and to expand into Kenya.

“The funds made available through the Access to Energy Fund (AEF) and MASSIF will support sustainable energy solutions and steady access to energy for low-income households,” said Linda Broekhuizen, chief investment officer at FMO.

Mobisol offers solar systems that allow homeowners to charge mobile phones and power lighting, radios and stereos, TVs and other appliances. Since its inception, the company has installed more than 67,000 systems in Tanzania and Rwanda.

(EUR 1.0 = USD 1.061)

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