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The investment will be used to expand SunCulture’s operations across Africa and to develop new farming innovations.
SunCulture provides farmers with affordable solar-powered irrigation systems, which can help to increase crop yields and reduce costs.
Solar irrigation is a particularly promising technology for Africa, as it can help farmers overcome the challenges of water scarcity and climate change.
The company also offers a variety of other farming services, such as training and support.
SunCulture has already helped over 50,000 farmers in Kenya, Tanzania, and Uganda to adopt solar irrigation. The company’s goal is to reach 1 million farmers by 2025.
The investment by Nithio in SunCulture is expected to have a significant impact on the agricultural sector in Africa.
SunCulture’s solar irrigation systems can help farmers increase their crop yields and reduce their costs, which can lead to higher incomes and improved livelihoods.
The investment is also expected to boost innovation in the agricultural sector.
Nithio’s investment, made through its investment vehicle, Nithio FI, is part of the Productive Use Appliance Financing Facility (PUAFF), which catalyzes the uptake of productive use appliances across Africa.
PUAFF is managed by CLASP, an international non-profit organization that improves the energy and environmental performance of appliances and equipment.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Sanari Capital, a leading women-led and majority black- and women-owned private equity firm in South Africa, has closed the second round of its growth fund at R1.25 billion (approximately $65 million).
Morocco’s OCP Group has joined forces with the International Finance Corporation (IFC) to launch a €100 million initiative aimed at combating water scarcity and improving food security in Africa.
The Trade and Development Bank (TDB), a key financial institution focused on African development, has secured a $100 million financing package from the British International Investment (BII), the UK’s development finance arm.