Distributed Power Africa (DPA) Kenya Limited has obtained Sh332 million in funding from Mirova SunFunder to roll out solar energy solutions to commercial and industrial
According to the Chief Executive Officer of DPA, Norman Moyo, the funding will help the renewable energy distributor deploy additional solar sites in Kenya.
"We are excited to partner with Mirova SunFunder in scaling up renewable energy access for the commercial and industrial sector in Kenya. We believe energy is a key pillar in supporting Africa's economic development and digital transformation. With this investment, we expect to see increased uptake of renewable energy by enterprises in Kenya," said Moyo.
DPA is an industry leader in the development and management of renewable energy projects in Africa, with a particular emphasis on Kenya, South Africa, and Zimbabwe.
It offers renewable energy solutions to data centers, telecom switching centers, telecom towers, manufacturing facilities, hospitals, and other significant industrial customers.
Mirova SunFunder has been a pioneer in impact investing in Europe through its investment strategies in energy transition infrastructure, private equity, social impact investing, and listed equities. It is accelerating its commitments in emerging countries already present in natural capital.
Funding DPA is another milestone for Mirova SunFunder in expanding their provision of funding in the Kenyan market through their Solar Energy Transformation (SET) Fund, which has been fully deployed.
To further accelerate the adoption of renewable energy and climate solutions in Sub-Saharan Africa and other emerging markets, they are working on a new $500 million fund called the Gigaton Fund.
"Mirova SunFunder's local presence and financial expertise combined with the extensive customer pipeline of a leading pan-African company like DPA, will accelerate the scaling of cost-effective solar energy solutions to businesses in Kenya," said Audrey Desiderato, Mirova SunFunder's co-founder and COO.
"We are happy to have kicked off an important relationship with DPA Kenya at a time when climate change is a reality for all of us. We have seen a growing demand for solar in the C&I sector in Kenya, and we believe this facility will enable DPA to execute on their growing pipeline," said Jemimah Kwakye-Fosu, Mirova SunFunder's senior investment officer leading the transaction.