Leonardo DiCaprio backs off-grid solar firm Kingo

Photo: Antonio Heinemann (Kingo)

April 26 (Renewables Now) - American actor and environmental activist Leonardo DiCaprio has made an investment of an undisclosed amount in Kingo Energy, a Guatemala-based provider of a pre-paid solar energy service.

The move has made DiCaprio a member of the company’s board of advisors, it was announced today.

“Leo will help advise Kingo as we work to achieve growth through expanded R & D capabilities and new market entry strategies,” said Juan Fermin Rodriguez, founder and CEO of Kingo.

Kingo offers solar energy kits to off-grid households at the bottom of the economic pyramid. The company is installing about 7,000 new systems each month. It says that its model requires no loans, installation fees or maintenance costs.

So far, Kingo has raised USD 25 million (EUR 20.5m) in several equity and debt rounds. The list of investors includes France’s Engie (EPA:ENGI), Dutch development bank FMO and its French peer Proparco, as well as the Inter-American Development Bank (IDB).

“Solar power is key to a future without fossil fuels, and Kingo’s technology will help enable broad use of clean energy across the developing world,” DiCaprio stated.

(USD 1.0 = EUR 0.828)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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