Published: February 2, 2018
M-Kopa shines with record loan to off grid firm
East African renewable energy provider M-Kopa Solar has raised US$80mn in commercial debt funding, and the company’s chief executive tells EMEA Finance that more loans are likely at the parent company level.
The debt financing will be used to fund the next wave of expansion for the company. It is split between a US$55mn-equivalent syndicated loan denominated in Kenyan and Ugandan shillings led by Stanbic Bank, and a US$25mn loan from three emerging markets investors.
“We took out two separate facilities [as part of the Stanbic-led financing],” Jesse Moore, chief executive and co-founder of M-Kopa told EMEA Finance. “One in Kenya for US$40mn Kenyan shilling equivalent and one in Uganda for US$15mn Ugandan shilling equivalent. Each loan matures in 2021.”