- EDF Group has announced investments in the distributed and off-grid solar space of Kenya
- It has acquired 50% stake in Econet Energy Kenya to target self-consumption solar installations with customized financing solutions for B2B market
- With 23% stake in Bboxx Kenya, EDF targets to provide more than 2 million Kenyan households with solar kits by 2025
EDF Group has made 2 major investments in the Kenyan energy market by announcing stake acquisitions in solar startups, saying this strengthens its position in the Kenyan market and quickens its pace of development in Africa.
It has acquired a 50% stake in a DPA Group subsidiary Econet Energy Kenya that’s focused on distributed solar energy for the B2B market. This joint venture, to which EDF Group will bring in its technical expertise in distributed solar with battery storage technology, will integrate the design, construction, operation and maintenance of high performance self-consumption solar installations with a customized financing scheme thrown in. It will enable the end consumers to become self-sufficient in low carbon electricity, said EDF.
Econet Energy Kenya currently has a 10-contract portfolio, and after joining forces with the EDF Group, it will target to expand its reach to various segments as banking, health, tourism and data centre sectors.
The French group has also acquired a 23% stake in off-grid solar utility Bboxx Kenya that has so far supplied solar kits to over 500,000 users. Together with EDF Group, Bboxx will aim to reach more than 2 million Kenyans by 2025. EDF Group already owns a 50% stake in Bboxx Togo (see EDF Acquires 50% Stake In BBOXX Togo).
In Kenya, EDF is already working with Sunculture providing solar irrigation pumps for small holder farmers, and with Bboxx Kenya stake it will enter the off-grid residential solar market, the company informed.
“By partnering with Bboxx Kenya and Econet Energy Kenya, the EDF Group becomes a key player in the Kenyan market of low carbon energy solutions. It also proves the relevance of our development model based on building long-term partnerships with local players around solutions tailored to the specific needs of each market,” said EDF Group Senior Executive Vice-President in charge of International Division, Béatrice Buffon. “As levers for our growth on the continent, these two partnerships are helping us achieve one of the main goals in our CAP 2030 strategy: to triple our operations on an international scale compared to 2015.”
Recently, another EDF backed African off-grid energy service provider Winch Energy raised $16 million for the deployment of solar mini grids in Uganda and Sierra Leone (see Winch Energy Raises $16 Million For Mini Grids).