Minigrid firm RVE.SOL closes €2.5m Series A financing to Bring Renewable Power to Over 15,000 Homes in Kenya

RVE.SOL has closed a €2.5 million Series A financing round led by French-based Egis and South Africa’s G7 Renewable Energies (Pty) Ltd with participation of original seed Investors InnoEnergy and RKW to bring their patented, pay-as-you-go minigrid “KUDURA” to rural Busia, County Western Kenya.
This latest round of funding will enable RVE.SOL over the next six months to bring high-quality, renewable grid power and potable water to 15,000 people and create over 20 new community jobs in Kenya and by 2020 expand to another 50,000 rural dwellers across East Africa.
According to Vivian Vendeirinho Founder & Managing Director of RVE.SOL,“Seven years since we started out, we are excited about the recent visibility and validation the minigrid business model has received as the least-cost option for rural electrification. The entry into this business of large-scale infrastructure and commercial grid-tied energy investors, developers and infrastructure operators demonstrates that the sector is starting to be seen as a viable infrastructure business akin to developing, financing and operating long term projects like railways and national grids.”

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.

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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.