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 DRC-based Altech Group secures $18 million to expand access to clean energy

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 Altech Group ,a DRC-based  distributor of world-class clean energy products and services has secured $18 million in debt financing and grants aimed to expand its solar energy sales and distribution network across the country.

The debt financing was secured through separate facilities by the Energy Entrepreneurs Growth Fund (EEGF) and Triplend Rabobank. The company also received additional support from Social Investment Managers & Advisors (SIMA Funds), SIDI (Solidarité Internationale pour le Développement et l’Investissement), Kiva, Whole Planet Foundation, and EquityBCDC. The grants were provided by Creating Hope in Conflict: a Humanitarian Grand Challenge and ANSER RDC.

Since our humble beginning in 2013 in our off-grid city of Baraka in South-Kivu province in the Eastern part of the DRC, we have faced the severe challenge of obtaining working capital financing in our efforts to connect off-grid households in the rural, peri-urban, and urban areas of our country.The incredible support from Rabobank and EEGF, as well as our other lenders, is one of the main pillars for Altech to provide affordable clean energy to thousands of Congolese off-grid households to modern, clean, reliable, and affordable solar solutions while creating thousands of green jobs for Congolese youth” said Altech co-founder Washikala.

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The growth capital will enable Altech to open more than 30 new sales outlets in rural areas without competition, and distribute 180,000 solar products, to extend clean, reliable energy access to 900,000 people.

Since its launch in 2013, Altech has established a national footprint with 4,500 employees and sales agents, serving more than 140 shops across 22 provinces in the DRC. The company has sold over 350,000 solar energy products, impacting over 1.7 million Congolese.

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Mark van Doesburgh, Deputy Head, Direct Investments team of Triple Jump, said he was “excited” to partner with Altech to support its growth as it expands renewable energy access in the DRC. 

“This investment aligns with our commitment to investing in innovative solutions that address critical global challenges, and we believe that Altech will continue to making a real difference in people’s lives. Recent market shocks such as COVID-19 and the increases in food and energy prices are hitting the world’s poorest the hardest. Providing access to clean, affordable and reliable energy is one improvement we can make to people’s lives,” he said.

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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