Friday
May 4
2018

Oikocredit invests $1.2 million in Inyenyeri Company to support clean cooking solutions

By Bob Koigi

Social impact investor Oikocredit has made a € 1 million, approximately $1.2 million convertible loan to Inyenyeri, a fuel-utility company providing clean and environmentally-friendly cooking solutions in Rwanda.

Inyenyeri’s fuel and stove solution cuts smoke and toxic fumes by more than 90% compared to traditional cooking methods. It also uses 85-90% less wood than charcoal or sticks, reducing deforestation. It accomplishes this while costing around half the price of charcoal.

Illness attributable to household air pollution kills between 3-4 million people every year, according to the World Bank.

Inyenyeri currently serves 3,000 homes with stoves using renewable, made-in-Rwanda fuels, and is expanding rapidly. It aims to serve 150,000 Rwandan households by 2020, helping achieve Sustainable Development Goal 7: affordable and clean energy access for all.

Photo courtesy of Images Money.

Source: Africa Business Communities (link opens in a new window)

Categories
Energy, Entrepreneurship, Investing
Tags
cookstoves, Global Goals, impact investing, investors, renewable energy, SDGs, social business, social enterprise, social impact