Social Investment Managers and Advisors (SIMA) and Renewvia Energy Corporation, a global solar developer, announced their partnership to electrify rural communities in Kenya underserved by conventional utilities.
The agreement includes a commitment of $1 million from the SIMA Off Grid Solar and Financial Access Senior Debt Fund I, B.V. to enable Renewvia to expand energy access on the islands of Ringiti and Ndeda. The fund currently owns and operates two solar minigrids on the islands. This new agreement will contribute to the development of new solar minigrids in five communities in Turkana County, Kenya.
Renewvia will develop and operate solar minigrids in the communities of Lomekwi, Nakukulas, Locheremoit, Kagintan, Kori, and Lorengelup by the end of 2021. These minigrids will provide clean, reliable and affordable energy to more than 7,500 individuals and multiple small and medium businesses, laying the foundation for improved livelihoods and economic growth.
On the islands of Ringiti and Ndeda, located in Lake Victoria, financing from SIMA will help expand energy access to an additional 2,200 individuals and small businesses where Renewvia has been providing reliable, affordable and clean energy for the last two years. Renewvia plans to complete this work by June, ultimately reaching a total of 5,000 people and small businesses on the islands.
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“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,” said Asad Mahmood, CEO and Managing Partner, SIMA
Trey Jarrard, CEO, Renewvia Energy said: “We are eager to expand this partnership in the near term to enable us to meet the significant need for delivering clean, reliable energy to power even more rural communities.”