Swiss solar firm MPower Ventures AG has secured €1.1 million in funding from CEI Africa to enhance its operations in Togo and expand its distribution network. The investment aims to make solar energy more accessible for households and businesses. CEO Manuel Seiffe emphasized solar energy’s significant role in stimulating economic growth in sub-Saharan Africa, amid a growing competitive market for solar solutions in Togo.
MPower Ventures AG, a Swiss solar energy company, has obtained €1.1 million in funding from the Foundation for Clean Energy and Energy Inclusion in Africa (CEI Africa). This investment, comprising equity and subordinated loans, aims to enhance MPower’s growth in Africa, particularly in Togo, where it already provides solar products such as electric pumps and energy storage systems.
The funds will be utilized to expand MPower’s distribution network and enhance financing options to improve access to solar energy for households and small businesses. Operating in seven African countries, MPower has successfully sold over 50,000 units of solar equipment and secured the funding with the help of crowdfunding platforms Klimja and Republic.
CEO Manuel Seiffe highlighted the potential of solar energy in promoting economic development, stating: “Solar energy, coupled with appropriate financing solutions, is one of the most effective levers for stimulating economic development in sub-Saharan Africa.” In Togo, the solar sector is burgeoning, with competitors like Kya Energy Group and SOLEVA also delivering solar solutions. With the recent funding, MPower seeks to strengthen its presence in this evolving market.
In summary, MPower Ventures AG has secured €1.1 million to expand its solar energy operations in Togo and other African countries. The funding will enhance its distribution network and financing options, facilitating greater solar energy accessibility. With a growing market in Togo, MPower aims to solidify its competitive edge alongside other key players in the solar sector.
Original Source: www.togofirst.com
