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Democratic Republic Of Congo: Trine And Altech Group Join Forces To Bring Clean Energy To The DRC

Startups

June 7, 2021, 2:46 p.m.

Swedish-based investment platform Trine partners with Altech Group, a market leader in the Democratic Republic of Congo (DRC), distributing world-class clean energy products and services.

The new partnership, totaling 5 million euros across multiple tranches, is set to accelerate investments in solar in the DRC, expanding access to clean, reliable, and affordable energy for off-grid and poor-grid households.

The first debt financing round will finance over 3,000 solar home systems in one of the most energy-poor countries in the world. These systems are expected to reach nearly 14,000 people with clean energy across 21 of DRC’s 26 provinces and are estimated to reduce 1,300 tons of CO2 during their lifetime. Later debt financing rounds will follow in 2021.

“We are pleased to announce Altech Group is coming on board as our partner, elevating our offering towards investors within the solar home system sector,” said Sam Manaberi, CEO and co-founder of Trine. “Nearly 90 percent of the population of over 80 million is without access to electricity, which means there is a tremendous market potential for Altech’s products. Their innovative life-improving product solutions will bring tremendous value to our portfolio and we hope investors will find them as interesting as we do”.

Washikala Malango, CEO, and co-founder of Altech Group added that the commitment from Trine is a significant inflection point for Altech which has built a near-national distribution network since 2013 and sold over 220,000 products and impacted more than 1.2 million lives, all without any real access to capital.

Source: Renewable Energy Magazine

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Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.

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