The Build Fund investment vehicle has launched its first operation in Kenya’s sustainable energy industry, three years after its launch. Mwezi, a Kenyan distributor of off-grid solar energy solutions, has received a $500,000 investment from the impact fund, which offers growth financing to firms in the least developed nations. Mwezi’s expansion aspirations will be aided by the funding.
“Build will have the opportunity to play a fundamental role in scaling up Mwezi, and will support its growth plans to help the company reach more people and have a greater impact on the lives of people in the region. rural areas,” commented Jean-Philippe de Schrevel, Founder and Managing Partner of Bamboo Capital Partners.
The solar company plans to develop its sustainable energy solutions, particularly in Uganda, Ethiopia, and Rwanda. Mwezi will focus on off-grid rural populations in these economies, with the goal of increasing their energy access. The poorest African households, according to Build Fund estimates, spend 10–25 percent of their monthly income on fossil fuel expenditures.
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The announcement comes three years after the Build Fund blended finance instrument was launched. It is aimed at SME owners who are unable to acquire funding from local banks to support their operations.
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What You Need To Know About Mwezi
After 25 years in corporate life and having completed a programmatic CDM cook-stove project in Kenya, Mike Sherry wanted to apply his business experience to resolving some of the persistent issues that are clearly holding people in poverty in the Sahel. Kenya was a location he was familiar with and felt like a good place to start. After many trips, he realized that having a local presence and transferring some of the value chain into the community was critical.
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Mwezi Limited was therefore incorporated in the United Kingdom on February 4, 2013. It was incorporated in the United Kingdom because the tax benefits offered to equity investors for start-ups were highly appealing then. Mwezi spent the first year researching potential locations, product suppliers, and overall market need. It began functioning in February 2014 after raising external capital.
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