Africa-focused solar home systems provider Azuri Technologies Ltd today said it has received an equity investment of USD 26 million (EUR 23.1m) from Japan's Marubeni Corp (TYO:8002) and its existing shareholders, supporting its expansion plans in East and West Africa.
The Japanese trader said in a separate press release it has agreed to buy a stake of an undisclosed size in Azuri, thus becoming its the largest shareholder. According to Azuri, this strategic investment will help it further grow on the sub-Saharan African market and will also open up new business opportunities.
UK-based Azuri provides solar home systems, including photovoltaic (PV) panels, batteries and LED lights to off-grid consumers in Kenya, Tanzania and other African countries. Those services are offered through mobile payment installments, known as the pay-as-you-go model.
Commenting on Marubeni’s investment, Azuri’s CEO Simon Bransfield-Garth said: “The entry of a leading player in the international energy market into this sector demonstrates the increasing maturity of off-grid power and its role in serving the 600 million people in Africa that still lack access to electricity.”
Akira Partners LLP and Taylor Wessing LLP acted as Azuri’s advisors in the transaction.
(USD 1.0 = EUR 0.889)
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