The Eastern and Southern African Trade and Development Bank (TDB) has closed a US$4.2mn deal with Sunspot Energy Kenya Limited, a solar home system provider operating as Spark Possibilities, sourced through TDB’s Renewables DealRoom hosted by Asoko Insight
The deal marks a milestone for the bank’s use of digital platforms to scale its financing of renewable energy projects, including off-grid and mini-grid projects and generation for industrial and commercial enterprises pursuing the electrification of nearby communities.
Since its launch in March 2021, the DealRoom has enabled TDB to build an actionable pipeline of bankable private sector projects in the renewable energy space, accelerating its deal origination.
The financing to Sunspot will enable Spark Possibilities to offer an expanded range of solar energy solutions to more households in Kenya and to enter other markets in sub-Saharan Africa.
“Momentum is building on our Digital Engagement Platform, with this deal following close on the heels of a debt deal closed by AfricInvest via the platform earlier this month. We remain committed to supporting more efficient deal-making and greater access to opportunity through our digital engagement services,” said Rob Withagen, Asoko Insight’s co-founder and CEO.