Berlin / Helsinki, 11 July 2017 - ARE Member Mobisol has strengthened its capital base by an additional substantial senior loan facility from Finnfund (Finnish Fund for Industrial Cooperation Ltd.), following an already provided senior loan in 2016 to Mobisol’s operations in Tanzania, Rwanda and Kenya.
This additional funding, granted up to 10 million Euros, will support Mobisol’s fast expansion in East Africa, where the company installed nearly 10 megawatts of capacity in Tanzania, Rwanda and Kenya, providing clean and reliable electricity to households and small businesses in low-income communities.
In this way, Mobisol enables particularly rural families and business owners to power a range of appliances, such as televisions, stereos and refrigerators to improve their standard of living and earn incremental income through solar-powered businesses, such as mobile phone charging stations, barber salons, movie theatres and more.
The new financial commitment will pave the way for further growth.
“Mobisol is very pleased about the sustained support from Finnfund, which allows us to further ‘plug in the world’ and connect more people to a reliable source of energy,” said Thomas Gottschalk, Chief Executive Officer at Mobisol. “This is not only adding to the socio-economic growth in insufficiently served regions in East Africa, but also contributes to a greener and more sustainable future globally.”
Jaakko Kangasniemi, Chief Executive Officer of Finnfund, commented: “Finnfund is excited to support Mobisol’s work and expansion in East Africa. For us, as an impact investor, the key is that supplying electricity to new areas can improve human lives, reduce inequality, and even help people out of poverty. Simultaneously, the use of renewable energy helps us to fight against climate change, one of the biggest challenges of our time.“