Azuri, the developer of Indigo pay-as-you-go solar power for off-grid markets, has secured a £1m working capital loan from Barclays Bank.
The company said it plans to use the extra funding to accelerate the deployment of its Indigo home solar systems across sub-Saharan Africa.
Indigo works by offering a pay-as-you-go solar option for customers in emerging markets. Users pay US$1 a week using scratch cards for the system, which consists of a battery, a solar panel, LED lights and a mobile phone charger.
Indigo is currently deployed in Kenya, Malawi, Zambia, South Sudan, Uganda and South Africa.
In a statement issued this week Azuri said since the first Indigo deployments in Kenya in September 2011, the business has been recognised globally for its innovation in solar energy, winning major awards including the World Economic Forum Technology Pioneer 2013.
The statement added that the £1 million four year term loan is the first step in a “broader and longer-term relationship” between the two firms and reflects Barclays’ commitment to supporting Azuri and towards economic and social transformation in Africa.
Simon Bransfield-Garth, CEO at Azuri, said: “Barclays vision will provide the working capital finance for Azuri to deliver an additional 30,000 solar home systems in Africa this year. This landmark deal represents a major step towards opening up the commercial finance sector for distributed rural power.”