MPower Ventures AG Secures €1.1M to Expand Solar Operations in Africa

MPower Ventures AG has secured €1.1 million from CEI Africa to expand its solar energy operations in Togo and across Africa. The funding will enhance distribution and financing options for solar products, promoting accessibility for households and small businesses. CEO Manuel Seiffe emphasized the vital role of solar energy in economic development.

MPower Ventures AG, a Swiss solar energy company, has secured €1.1 million in funding from the Foundation for Clean Energy and Energy Inclusion in Africa (CEI Africa) to expand its operations across Africa, including Togo. This investment comprises equity and subordinated loans aimed at bolstering MPower’s activities on the continent.

The funding will enable MPower to enhance its operations in Togo, where it provides various solar products such as electric pumps, solar panels, security floodlights, and energy storage systems. The company intends to broaden its distribution network and present more financing options for households and small enterprises to promote accessibility to solar energy.

Operating in seven African countries, MPower has successfully sold over 50,000 solar equipment units. This funding was secured through collaboration with crowdfunding platforms, Klimja and Republic. MPower’s co-founder and CEO, Manuel Seiffe, highlighted the significant impact of solar energy on economic development, stating, “Solar energy, coupled with appropriate financing solutions, is one of the most effective levers for stimulating economic development in sub-Saharan Africa.”

The solar energy sector in Togo is experiencing rapid growth, with other companies such as Kya Energy Group, SOLEVA, BBOXX-EDF, and CREFER also contributing various solar solutions. With this new financial support, MPower strives to strengthen its market presence in Togo amidst increasing competition.

In summary, MPower Ventures AG has received €1.1 million to enhance its solar energy operations in Togo and other African countries. The funding will allow the company to expand its distribution network and financing options, contributing to the growth of the solar sector in sub-Saharan Africa. With an emphasis on the economic benefits of solar energy, MPower aims to secure its position in a competitive market alongside other emerging solar providers in Togo.

Original Source: www.togofirst.com