UpOwa raises €3m from EDFI to accelerate expansion in Cameroon
Summary
EDFI ElectriFI signed a 3 million debt facility with UpOwa, the leading Pay-As-You-Go solar home system and energy services provider in Cameroon.After a successful equity round with new partners in 2019 (REPP, Colam Impact and LITA.co) and the extension of a working capital debt facility from Lendahand, UpOwa and EDFI ElectriFI joined forces preparing for faster expansion in rural areas.We are very proud of our footprint in Cameroon so far and the benefits that we are delivering to our customers stated Kilien de Renty, CEO and co-founder of UpOwa. We believe that the quality of their operations and management allows to significantly increase impact in rural Cameroon with over 60.000 households and entrepreneurs gaining access to clean electricity in the coming years.Caroline Frontigny, CBDO and co-founder of UpOwa, added The team is elated to count EDFI Management Company as a long-term partner for its development. The support of EDFI ElectriFI will boost the distribution of higher capacity solar home systems in Cameroon and amplify upOwas impact on rural communities.The partnership with EDFI ElectriFI intensifies our market penetration in the Cameroon, a challenging and complex market. We will be improving significantly rural people lives through access to an affordable, reliable, and sustainable energy in distant and isolated areas. This is the basis of a better social and economic environment, commented Lo\xefc Descamps, managing director of UpOwa Cameroon.