Each £100 invested through Azuri will enable one Kenyan family to buy a four light solar home system in affordable instalments over 18 months
Your investment will help Azuri to provide clean energy to 1,000 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 1,000 households impacting over 5,000 people in Kenya.
This project benefits from match funding from UK aid. UK aid has provided an up-front match of £25,000, meaning that for every £3 invested into this project by the crowd an additional £1 will be invested through match funding.
Key product information
Investment target: £100,000
Minimum investment: £50
Maximum investment: No maximum
Maturity: 24 months
Expected interest rate: 5% per annum
Interest payment frequency: 6 monthly
Notional repayment: 6 monthly
Financial instrument: Unsecured interest bearing bond
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.
What the project investment will enable
Every £100 invested will allow Azuri to make a solar home system available to a rural Kenyan family 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 18 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 10W 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 £100,000 of investment, enabling them to manufacture and distribute at least 1,000 Quad systems together with their local distribution partners. Furthermore, Azuri will also co-invest a further £33,300 alongside this investment to purchase an additional 333 Quad systems - making a combined total of at least 1,333 Quad systems which can be purchased and deployed.
Azuri also aims to recycle capital repaid during the 24 month loan period to procure additional Quad systems to further maximise impact.
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 Quad system, have been shown to have a significant impact on customers' lives and the environment. To date, Azuri has sold more than 100,000 systems across Africa, with the potential to provide approximately 0.5 million people with access to solar energy.
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:
My air quality has improved
My family’s previous kerosene-related health issues have reduced
I feel safer
My children can study more
The money I save on kerosene, batteries, and candles I mainly use for my children’s education
I have more evening home visits from family and friends
Using industry-recognised Global Off-Grid Lighting Association (GOGLA) impact metrics, Azuri has calculated the environmental impact of installing 1,000 Quad systems as follows:
Number of people who will enjoy clean energy access
Average new household saving on energy-related expenditure over solar product lifetime
Annual total greenhouse gas emissions offset per household