Oikocredit, a Netherlands-based social impact investor, and the Global Climate Partnership Fund (GCPF) have jointly provided a $10 million debt facility to Sawa Energy, a leading commercial and industrial solar developer in East Africa.
The financing will support the deployment of 35 megawatts (MW) of solar capacity across 250 commercial and industrial projects in the region over the next three years, the companies said in a statement on Thursday.
Sawa Energy designs, finances, installs, owns, and operates solar photovoltaic and energy storage systems under long-term service contracts, typically ranging from 10 to 25 years. The company’s energy-as-a-service model allows businesses to access reliable and affordable electricity without upfront capital investment, while reducing reliance on costly diesel generators.
Henna Savolainen, senior investment officer at Oikocredit, said the partnership “delivers tangible benefits to businesses and communities and advances energy security and climate goals in line with our strategy.”
Samuel Kaufman, CEO and co-founder of Sawa Energy, added that the facility would enable the company to “accelerate the deployment of clean energy infrastructure that helps companies reduce energy costs, improve operational reliability, and lower their environmental footprint.”
Sawa Energy has so far installed more than 65 solar projects across Rwanda and Uganda, serving sectors including manufacturing, agro-processing, hospitality, education, and commercial real estate. The company is actively expanding into additional East and Southern African markets.
Oikocredit, which has more than 45,000 investors globally, focuses on impact investing in financial inclusion, renewable energy, agriculture, and community resilience. GCPF is a climate finance fund that provides financing solutions for renewable energy projects worldwide.