On Monday, 19th July 2021, Kenya Climate Ventures, led by CEO Victor Ndiege, signed an investment agreement with a Kenyan, non-deposit microfinance organization based in Kisumu, Rafode Limited, to help them unlock their growth and explore the green energy value chain in Isiolo and West Pokot Counties.
Rafode Limited is working with rural low-income earners to expand their access to clean energy through microfinance and strengthened energy value chains. The company sources both solar home systems and efficient cookstoves from the manufacturers then offers the products on credit to its customers. The customers are organized in groups hence co-guarantee each other within the group.
“ Our main purpose is to help SMEs expand their projects. KCV’S contribution to Rafode Limited will enable the enterprise to explore new counties,11 counties in western Kenya to be exact. Rafode has supported over 10 000 households with renewable energy services. With this financing, we expect them to double that by bringing on board 10,000 more households to access affordable and reliable renewable energy products that help mitigate the effects of climate change. This investment will help, rural communities in Kenya have access to loans so as to acquire solar-powered energy systems and efficient low-carbon cookstoves,” Victor Ndiege says.
Antony Mayodi, Rafode Managing Director, says, “We requested funding to implement our result-based financial project-based in Isiolo and West Pokot Counties and another project in Western Kenya to boost the acquisition of renewable energy products and cookstoves among the rural communities. KCV has come in to give us the power to go out there and meet our objectives, and we hope to impact more lives in the long term.”
Rafode Limited hopes to offer clean energy solutions throughout the country to transform the livelihoods of smallholder farmers and communities at a high risk of experiencing climate change and eradicate energy poverty.
Kenya Climate Ventures (KCV) is an impact investment management company keen on supporting business models to better deliver resilience and commercial outcomes for communities in Kenya.