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Set up over six years ago, RVE.SOL’s minigrid-based KUDURA sustainable development solution creates wealth for families and kickstarts small businesses and improves health and education and as well curbs deforestation and reduces CO2 emissions. KUDURA minigrid has had measurable, third-party outcomes proving its social impact and a sustainable business model, paying off the cost of capital in an investor-friendly period.
“Our investment in RVE.SOL demonstrates Egis’ faith in and commitment to the distributed energy sector. With more and more mini-grid sites going live, such as those being delivered by RVE.SOL in Kenya, we feel that there is a real interesting market opportunity that answers to the people’s needs. We expect that the market will reach rapidly sufficient scale that such projects will gain access to more competitive financing arrangements, making the minigrid business model truly sustainable,” said Rik Joosten, CEO of Egis Projects.
This financing round comes after the company received a patent pending status for its KUDURA Sustainable Rural Development solution deployed in Sidonge, Kenya since 2011 with a clean operation and safety record. Electricity service in the community has empowered several small businesses such as a barber shop, printing and internet services, movie theatre, mobile phone charging, a restaurant and fruit juicing / chip frying.
