GreenTec Capital has announced that it has made an undisclosed investment in Zambia-based WidEnergy Africa. WidEnergy is a woman-led Zambian for-profit social enterprise dedicated to women’s empowerment and the expansion of affordable energy access.
The company leverages an innovative Pay-As-You-Go model to provide solar-powered homes and appliances.
WidEnergy focuses on expanding access to affordable energy through the innovative application of the PAYGO (pay-as-you-go) model, which has a low penetration rate in Southern Africa providing a large market opportunity.
The company’s name is an acronym for “Women in Development,” reflecting the company’s goal to engage women as active participants in Africa’s energy transition.
@GreenTecCapital is very pleased to announce our investment into Zambia-based WidEnergy Africa Ltd, a woman-led for-profit social enterprise, dedicated to empowering women as agents of change in Africa's energy transition. Read more on our site: https://t.co/sp6esWgOjz pic.twitter.com/HcxhXQJBNc
— GreenTec Capital (@GreenTecCapital) June 21, 2019
WidEnergy works with 80 women sales agents to distribute renewable energy solutions and expand energy and connectivity access in Zambia.
The company focuses on core competencies in lending and distribution, to develop a high-quality lending portfolio with minimized default risks.
The company has developed partnerships to be the Zambian distributor for d.light, Greenlight Planet, and Little Sun solar appliances and home systems.
WidEnergy has already sold more than 250 home systems in 2019 and boasts of an impressive 85% repayment rate. The WidEnergy team is actively working on developing its approach and model and has recently completed the integration of MTN backed mobile-money payments into its platform, greatly facilitating user payments.