FSD Africa Investments (FSDAi), FSD Africa’s investment arm, has invested US$4.5M in Nithio FI, a renewable energy financing intermediary focused on the Pay as You Go (PAYG) off-grid solar sector, to provide reliable and sustainable renewable energy solutions for households and small businesses in Kenya, Nigeria, and Uganda.
Nithio Holdings is an AI-enabled energy financing platform whose objective is to standardize credit risk evaluations and hence drive more capital into the sector, especially through direct and efficient investments in off-grid solar enterprises.
Nithio FI seeks to finance more than 224,000 energy access items across Africa over the next five years, including solar home systems (SHS) and productive usage appliances.
“Innovation must play a crucial role in narrowing the power gap in Africa,” said Anne-Marie Chidzero, Chief Investment Officer, FSD Africa Investments.
We are guaranteeing that those communities most in need have priority access to renewable electricity by harnessing Nithio’s technical and analytical expertise.
Renewable energy emits the fewest greenhouse gases and air pollutants, thus investing in cleaner power sources will improve both the earth and our health.” Chidzero added.
FSD Africa’s investment adds to Nithio FI’s first round of funding of US$23M, which will be used to expand off-grid energy financing in African markets.