Azuri Luminosa Ltd Issue 1: Kenya - 5.5% Bond
£250,000 | 112 | 0 |
£100 invested
Each £100 invested through Azuri will enable one family in Kenya to buy a four light solar home system in affordable instalments over 18 months
2,500 families
Your investment will help Azuri to provide clean energy to 2,500 families in Kenya
Since Azuri began in 2012, they have focused on Sub-Saharan Africa, and now have one of the widest reaches of any off-grid provider in the region. Azuri is addressing the problem of energy access that affects over 600 million people in Sub-Saharan Africa, a lack of access to the grid. Your investment will help Azuri to provide clean energy to a further 2,500 families in Kenya.
This project benefits from match funding from UK aid. UK aid has provided an up-front match of £62,500, meaning that for every £3 invested into this project by the crowd an additional £1 will be invested through match funding.
About Azuri
Key Product Information
Issuer: Azuri Luminosa Ltd
Issuing Country: United Kingdom
Investment target: £250,000
Minimum investment: £50
Maximum investment: No maximum
Maturity: 36 months
Expected interest rate: 5.5% per annum
Witholding tax rate: 20% (applicable to UK residents who do not invest within an IF ISA)
Interest payment frequency: 6 monthly
Capital repayment: Semi-annually (from 12 months onwards)*
Financial instrument: Unsecured interest bearing bond
Security: Unsecured
* For the first 12 months after the Issue Date, a "Grace Period" applies during which no capital repayments occur. During this Grace Period, the Issuer will make Interest Payments on the Interest Payment Dates. For the avoidance of doubt, after the Grace Period, the capital repayments are semi-annual and in equal instalments. Please refer to the amortization schedule found on Page 26 of the offer document.
Key Risks
This is a bond issued by a single company (rather than a savings product) and therefore it is recommended that you are careful with the amount you invest.
You must read the investment memorandum (provided below) where a full statement of risks is presented.
Documents
What the project investment will enable
Every £100 invested will allow Azuri to make a solar home system available to a rural family in Kenya that would otherwise be out of their financial reach. Azuri's PayGo service model enables customers to pay back the cost of the system over time (typically 24 months) after which they fully own the system and can continue to use it for free.
The Quad system (a Lighting Africa quality assured product) includes a 15W solar panel, a rechargeable battery, 4 powerful LED lights, a rechargeable torch and radio, and a USB port to recharge a mobile phone.
Azuri aims to raise £250,000 of investment, enabling them to manufacture and distribute at least 2,500 Quad systems together with their local distribution partners. Azuri also aims to recycle capital repaid during the 36 month loan period to procure additional Quad systems to further maximise impact.
Azuri Tech
Azuri will deploy the funds across Kenya, where today, approximately 4 million households do not have access to mains electricity. Working with local distribution partners Azuri will continue to extend the scope of its operations across remote rural regions where access to mains grid electricity is limited, including the Rift Valley, Western and Nyanza provinces.
Thanks to Azuri’s expertise in last-mile distribution, combined with an extensive team of field agents visiting every customer, units funded and installed by this project will be geotagged. This helps Azuri keep track of where customers are (in absence of formal addresses in remote villages), and enables Azuri to provide high quality customer service on an ongoing basis after the system is installed. Furthermore, in the event of problems or need for support, it means Azuri can also quickly dispatch an agent to help customers.
Social and environmental impact
Solar home systems, such as the SolarPlus system, have been shown to have a significant impact on customers' lives and the environment. To date, Azuri has sold more than 150,000 systems across Africa, with the potential to provide approximately 750,000 people with access to solar energy.
Social Impact
The installation of solar home systems to off grid families has significant impacts that can be divided into the following categories: lifestyle, flexibility, health and safety, and economic. Over the years, Azuri's own customers have told us how their solar home systems have benefitted them:
96%
My air quality has improved
98%
My family’s previous kerosene-related health issues have reduced
93%
I feel safer
97%
My children can study more
Environmental impact
Using industry-recognised Global Off-Grid Lighting Association (GOGLA) impact metrics, Azuri has calculated the environmental impact of installing 2,500 Quad systems as follows:
12,500
Number of people who will enjoy clean energy access
$199
Average new household saving on energy-related expenditure over solar product lifetime
1.2tonnes
Annual total greenhouse gas emissions offset per household
Offer Documents
Azuri Luminosa Ltd - Offer Document - Issue 1 (Log In to download)