The Netherlands Development Finance Company (FMO) and the Global Climate Partnership Fund (GCPF) are investing $20 million in Starsight Premier Energy Finance (SPEF). The company will use the funding to build solar power plants for commercial and industrial (C&I) customers in East Africa.
Good news for Starsight Premier Energy Finance (SPEF). The subsidiary of Starsight Premier Energy Group (SPEG) has received a $20 million investment from the Netherlands Development Finance Company (FMO) and the Global Climate Partnership Fund (GCPF), an initiative launched by the German government in 2009 to help mitigate climate change worldwide.
SPEF, which benefits from this investment, operates mainly in East Africa. The company, based in Nairobi, Kenya, finances and installs ground-mounted and rooftop solar power plants, which are leased to commercial and industrial (C&I) customers for a period of between 12 and 15 years. At the end of this period, the solar system is sold back to SPEF’s customer. This solar leasing model enables businesses to reduce their electricity bills.
Reducing the environmental impact of businesses
“Thanks to our financing models, our customers generally save 35-60% on their electricity costs compared with their local electricity supplier. We are honoured to have received this investment from the GCPF and the FMO, which will help us to develop our photovoltaic C&I activities throughout the region,” says Rupesh Hindocha, Chairman and CEO of SPEF.
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A model of this kind is particularly interesting in a context marked by rising energy prices and increasing power shortages in several African countries. As well as saving energy, solar power enables companies to reduce the environmental impact of their activities.
“Supporting solar photovoltaic projects for commercial and industrial applications will provide affordable and reliable access to energy for businesses in the region, stimulate economic development in East Africa and reduce CO2 emissions,” explains Peter Page, Investment Officer at responsAbility, the manager of GCPF. For the record, SPEG was created in 2021 following the acquisition of a 50% stake by Starsight Energy (which operates mainly in West Africa) in the East African activities of Premier Solar Group.
Jean Marie Takouleu
