MPower Ventures AG, a company focused on solar energy solutions and operating in multiple African nations, including Togo, has secured financing of 1.1 million euros (721 million FCFA) from the Foundation for Clean Energy and Energy Inclusion in Africa (CEI Africa).
This funding, which consists of equity investments and subordinated loans, will allow MPower to enhance its growth across the continent, especially in Togo, where it offers a variety of electro-solar products such as solar electric pumps, solar panels, security floodlights, and energy storage systems.
With a presence in seven African countries, MPower has successfully sold over 50,000 solar systems and aims to bolster its footprint in Togo by expanding its distribution network and diversifying its financing options. The investment from CEI Africa, in collaboration with crowdfunding platforms Klimja and Republic, will facilitate this growth and improve access to solar energy for households and small to medium-sized enterprises in Togo.
“Solar energy, combined with suitable financing solutions, is one of the most powerful tools for driving economic development in sub-Saharan Africa,” states Manuel Seiffe, co-founder and CEO of MPower.
In Togo, this new funding will support a rapidly growing sector, where various companies, including Kya Energy Group, SOLEVA, BBOXX-EDF, and CREFER, are providing diverse solutions for electro-solar energy supply in the country.
