- The money will help Vitalite’s ambition to provide more than 500,000 Zambians with access to renewable energy over the following four years.
- The $1.5 million convertible note will be converted into an equity stake in Vitalite Zambia upon its next equity raise.
The pioneer of pay-as-you-go solar home systems in Zambia, Vitalite Zambia Ltd., has secured an investment of a $1.5 million convertible note from EDFI ElectriFI, the EU-funded impact investment facility. The money will help Vitalite’s ambition to provide more than 500,000 Zambians with access to renewable energy over the following four years.
According to the EDFI ElectriFI, the financing is being accessed from the 11th European Development Fund for Zambia. This dedicated widow is explicitly designed for the African country in collaboration with the Government, the EU Delegation to Zambia, and Common Market for Eastern and Southern Africa (COMESA).
The $1.5 million convertible note will be converted into an equity stake in Vitalite Zambia upon its next equity raise. EDFI Electrifi has said the investment will provide the company with enough funds to operate and focus on its strategies and goals in the coming years before working on the next fundraising. Quentin De Hoe, ElectriFI Senior Investment Officer at EDFI Management Company, said the new investment would help Vitalite to continue its impact on Zambians’ lives, bringing clean, affordable electricity access to many off-grid communities in the country.