Azuri Technologies, a provider of pay -as-you -go solar home solutions to off-grid households across Africa, has announced a strategic investment of US$26 million led by Fortune Global 500 company Marubeni Corporation with additional participation from existing shareholders, including FTSE 250 company IP Group plc.
Azuri Technologies provides solar home systems to off-grid consumers in sub-Saharan Africa on a pay-as-you-go basis. These systems enable households without access to the grid to benefit from modern conveniences, from electric light to satellite TV and Internet access via smartphones.
This strategic investment will accelerate Azuri’s market growth plans in both East and West Africa and open up new opportunities for the business. Azuri Technologies provides solar home systems to off -grid consumers in sub -Saharan Africa on a pay-as-you -go basis.
Led by Marubeni Corporation, financing will accelerate Africa’s transition to clean, distributed and affordable energy.
Japanese corporation Marubeni has global interests in energy and substantial experience in Africa. The capital infusion will enable Azuri to accelerate expansion in existing sub-Saharan Africa markets and roll-out its solar lighting, TV and additional services into new markets, with a focus on enhancing the lives of millions living without access to the grid.
“We are delighted today to announce the equity investment by Marubeni Corporation and existing shareholders. The entry of a leading player in the international energy market into this sector demonstrates the increasing maturity of off-grid power and its role in serving the 600 million people in Africa that still lack access to electricity,” said Simon Bransfield-Garth, CEO of Azuri Technologies.
“We believe that Azuri’s unique business model will have a profound impact on the growing off-grid energy market in Africa,” said Yoshiaki Yokota, Chief Operating Officer, Power Business Division at Marubeni Corporation. “The global energy market is evolving rapidly, with the introduction of new renewable technologies and energy-efficient devices. We are delighted to be a strategic partner of Azuri as a market leader and see their solar home solutions and services as catalysts for change in the Africa energy sector and beyond.”
Marubeni Corporation was founded more than 150 years ago and is now one of Japan’s largest trading firms with global interests across energy, manufacturing, trading and investment. The company has been investing in solar energy businesses for over 20 years.
Since 2012, Azuri has been providing affordable pay-as-you-go solar home solutions to offgrid households across sub-Saharan Africa, with offices in Nigeria, Kenya, Tanzania, Uganda and Zambia.