-
The Opes-LCEF has invested in two solar energy developers, Munyax Eco and WidEnergy.
- The funds will enable both companies to expand their product offerings and services in Rwanda and Zambia.
- The financing is part of the Restart East Africa Initiative supporting companies in the region following the Covid-19 pandemic.
The Opes-LCEF has invested in two solar energy developers, Munyax Eco and WidEnergy. Rwanda based Munyax Eco installs solar water heaters, off-grid systems and solar lighting. The funds will enable Munyax to finance its stocks and expand its services and product offerings. According to the Opes-LCEF, recent disruptions on the supply chain has resulted in higher transportation costs and delayed orders. The funds will enable the company to secure new orders and stabilise its operations.
Read also: Subsidy for Solar Off-Grid Providers in Uganda.
WidEnergy, on the other hand, distributes solar-powered lamps and other appliances in remote communities in Zambia. The Opes-LCEF investment will enable WidEnergy to expand its distribution network.
The funds provided to both companies are part of the Restart East Africa” initiative, an emergency fund that aims to supports innovative businesses and organisations that have been affected by the Covid-19 pandemic. Funds are provided as zero-interest loans for East African businesses in clean energy, sustainable agriculture, mobility and transport, education and vocational training. The Opes-LCEF initiative is supported by the DOEN and Good Energies foundations.