Boa Vista, Portugal, January 23, 2020 --(PR.com
)-- KUDURA Power East Africa, Acumen Nairobi, Egis Paris - RVE.SOL Portugal today announced Acumen’s equity investment as well as the acquisition from Vulcan Inc. of a portfolio of sites in Kenya. These deals follow on from EGIS Projects SA Series A investment, who partook in this round with of a follow-on project CAPEX funding facility. By the end of 2020, the social entrepreneurship will serve and empower over 45,000 previously unserved people through their KUDURA universal basic multi-utility approach.
As a leading Sub-Saharan mini-grid operator active in East Africa and an ambitious project portfolio across multiple African countries, the company aims to become the preferred minigrid investment platform, bridging international investors and local developers with bankable, sustainable projects. The company's focus on customer experience and productive energy uses has been essential to their success in rural areas. In a multi-utility, mini-grid context, these elements increase ROI, reduce risk, secure investment returns and enable a development outcome shift.
RVE.SOL represents to Acumen a unique investment opportunity and is a natural extension of its recent public commitment to mini-grids as a promising least-cost solution for rural customers living off the grid, highlighted in the publication entitled, “Unlocking Private Capital for Mini-Grids in Africa.”
Dennis Onyango, PEII Investment Lead for Acumen East Africa.
“Acumen is honoured to partner with RVE.SOL, a company who is changing the way the world tackles poverty. It’s subsidiary, KUDURA Power East Africa (KPEA) has demonstrated long-term commitment to providing first time access of grid-quality power to the last-mile, low-income, off-grid households and businesses in Kenya. In addition, the Company’s goal of addressing rural economies’ energy needs via its unique multi-utility business model provides a promising and viable path to sustainable minigrid operations.”
Paul Keating, Senior Director of Philanthropy at Vulcan Inc.
“When we first built these minigrids, our goal was to empower local entrepreneurs who will strengthen the resiliency of African communities from within. We are confident that KUDURA Power East Africa will continue this mission.”
Vivian Vendeirinho CEO of RVE.SOL, Managing Director of KUDURA Power East Africa Ltd. “Ever since I met Jacqueline and Acumen at an industry event in 2012, I felt like there was close alignment in our philosophy and mission. Acumen’s Lean Data approach to data collection, analysis and data-driven decision making provides for an industry standard mechanism to simplify impact assessment in a cost-effective and transparent manner. Acumen’s recent endorsement of investment in mini-grids as the least-cost approach to decentralized and accelerated rural energy access comes at the perfect time for us as we enter this phase of exponential growth.”
Acumen is changing the way the world tackles poverty by investing in companies, leaders and ideas. We invest patient capital in businesses whose products and services are enabling the poor to transform their lives. Founded by Jacqueline Novogratz in 2001, Acumen has invested more than $125 million in 126 companies across Africa, Latin America, South Asia and the United States. We are also developing a global community of emerging leaders with the knowledge, skills and determination to create a more inclusive world. In 2015, Acumen was named one of Fast Company’s Top 10 Most Innovative Not-for-Profit Companies. Learn more at www.acumen.org and on Twitter @Acumen.
At Egis, our 13,600 people are dedicated to supporting energy, ecology, digital and territorial transition to shape tomorrow’s world. We draw on our capacity for innovation and our ability to ingeniously transform ideas into solutions that are tangible, operational and, most importantly, useful for our clients all over the world. Our assignments lead us to operate in a wide range of domains addressing the major challenges of the planet, such as transport, buildings, water, the environment, energy, urban development and mobility services. To deliver them, we call upon a broad spectrum of disciplines, ranging from the design of infrastructure to its operation, also including consulting, turnkey delivery and project structuring.
Egis is a 75%-owned subsidiary of Caisse des Dépôts, with the remaining 25% held by partner executives and employees. Egis has multiple subsidiaries across Africa, including Kenya where we have been active for over 10 years. In 2017, Egis ranked 6th in ENR’s Top 225 International Design Firms in Africa. The Group generates more than one billion euros of managed revenue.
What the internet did for mankind, Penicillin did for disease, we are doing for rural poverty. We are a triple bottom line minigrid developer and operator. RVE.SOL leverages renewable technology to eradicate poverty, create jobs and empower businesses in rural Africa with multi-service utilities; electricity and purified water. We believe that everyone needs access to affordable, reliable, sustainable utility services to improve their quality of life and we strive for 100% inclusivity. RVE.SOL is one of the leading mini-grid operators in East Africa with an extensive portfolio of projects across Sub-Saharan Africa and our unique patented KUDURA solution can scaled for rural communities and is grid-integration ready. For more information visit www.rvesol.com
Seattle-based Vulcan Inc. pursues initiatives and projects that will change the trajectory of some of the planet’s most difficult challenges. We work to improve our planet and support our communities through catalytic technology, philanthropy, scientific research, story-telling and commercial ventures. Founded by technologist and philanthropist Paul G. Allen, Vulcan continues to develop and grow the ideas that will make the world a better place.
Ergos Energy Partners, led by Laurent Grimaud, provided investment and acquisition transaction advisory services to RVE.SOL.
Tel: +351 915292211
William Charnock, Chief Marketing Officer
Tweet this: RVE.SOL Accelerates Solar Minigrid Scaleup Plans After Signing Deals with Acumen and Vulcan Inc. #SDG7 #minigrids #KUDURA @rvesol @egis @acumen @VulcanInc