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.
Renew Capital has announced its investment in Power Financial Wellness, a fintech platform dedicated to enhancing financial management tools for workers across formal and informal sectors.
Sanari Capital, a South African private equity firm, has announced the successful final close of its Sanari 3S Growth Fund, raising R1.5 billion (approximately $80 million).
The African Development Bank (AfDB) has approved a $300 million facility for South Africa to support its Energy Governance and Climate Resilience Programme.
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