AFRICA: DFC invests $ 10 million in solar energy via the Nithio platform

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US Development Finance Corporation (DFC) Expands Impact Investments in Africa. Financial institution announces $ 10 million investment in Nithio FI, BV. This platform finances autonomous solar energy systems using an artificial intelligence-based risk analysis system.

The financing of the DFC is committed within the framework of a fundraising of 23 million dollars which also includes FSD Africa Investments (FSDAi), the investment arm of FSD Africa, and EDFI ElectriFI (Electrification Financing Initiative), an organization funded by the European Union (EU). Nithio will then provide loans to solar energy market players in Nigeria, Kenya and Uganda.

Read also- AFRICA: FSD invests $ 4.5 million in Nithio for solar kits in three countries

“Nithio has created an innovative data-driven solution that fills a major market gap to sustainably increase capital flows to the clean energy sector. By normalizing credit risk, Nithio’s investments will have a significant impact on universal access to energy and the fight against the effects of climate change ”, says Bobby Pittman, co-founder of Nithio.

The platform has already invested in two African countries. In Kenya, Nithio invested in Rafode. Using artificial intelligence, this microfinance company offers products for rural areas, including loans for the purchase of solar home systems. In Nigeria, Nithio has invested in Winock Solar, A4 & T Power Solutions and VEP. With the fundraising, the platform aims to increase its portfolio by investing in solar energy providers for homes, businesses and agricultural activities.

Jean-Marie Takouleu

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