Press Release: Renewvia Energy Receives $1 Million Commitment from SIMA Fund to Electrify Communities in Rural Kenya
Social Investment Managers and Advisors LLC (SIMA), a new generation of impact investment manager, and Renewvia Energy Corporation, a global solar developer, today announced a 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, where it currently owns and operates two solar minigrids, and to 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.
“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. “Renewvia has a track record of successfully delivering reliable, clean power to several communities in Kenya, and we look forward to working with them on these projects and beyond.”
“We are thrilled to partner with SIMA at a time when Renewvia is significantly scaling its portfolio in Kenya and Nigeria to advance energy access, especially in the most remote places,” said Trey Jarrard, CEO, Renewvia Energy. “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.”
About Renewvia Energy Corporation
Renewvia Energy Corporation is a top 500 Global Solar Developer headquartered in the Atlanta, Ga. It designs, installs, owns and operates commercial and community solar power systems across three continents and provides a complete range of solar energy solutions including turnkey solar installation, integrated financing and solar consulting services. To learn more, visit: http://www.Renewvia.com.
Established in 2015, SIMA is a pioneer in the impact investing space with a mission to provide demand-driven commercial capital and customized advisory solutions to create profitable businesses and help generate attractive financial returns alongside environmental and social impact. With a rich and diverse experience investing in emerging markets in South Asia and Sub-Saharan Africa, SIMA is committed to help grow promising early-stage companies in some of the poorest regions of the world. SIMA has a presence in Kenya, Uganda, Pakistan, India, Mexico and the United States.
Photo courtesy of Russell Watkins/DFID.