In Kenya, Azuri Technologies will benefit from the support of several multinational companies including Japan’s Marubeni Corporation. The latter joined IP Group to inject 2.6 billion Kenyan shillings (about $25.7 million) into the company.
According to Simon Bransfield-Garth, Azuri’s Executive Director, Marubeni’s entry into the ranks of the company’s partners shows the growing importance of off-grid solutions in accelerating access to electricity Kenyans and Africans in general. These funds will be invested in expanding Azuri into new markets in East and West Africa.
“We believe that Azuri’s unique business model will have a profound impact on the market for off-grid solutions on the continent,” said Yoshiaki Yokota, one of Marubeni’s executives.