PRESS RELEASE
Toronto, November 1, 2022
Export Development Canada (EDC), a Canadian Crown corporation, has invested C$5 million in Solar Panda Corporation as part of the company’s Series A round. EDC joins Oikocredit and Electrification Financing Initiative (EDFI ElectriFI) in the Series A round, which is now closed.
Solar Panda is a Canadian company that designs, manufactures, and sells pay-as-you-go solar home systems in Kenya, providing electricity to 1 million Kenyans. Solar Panda’s solar home systems are financed for customers to enable affordability and include lights, mobile charging, radios and televisions. They are sold through its own network of 37 shops and 1,000 sales agents across Kenya.
Export Development Canada is a Canadian Crown corporation founded in 1944 with the mandate to help Canadian companies involved in trade succeed on the world stage. With offices across Canada and around the world, EDC’s purpose is to make Canada and the world better through trade.
Andy Keith, CEO of Solar Panda, says, “As one of the companies leading the way in solar home systems in Africa, we are gratified to have our work recognised and supported by EDC through this investment. EDC’s investment comes at an opportune time as we look to the future. Solar Panda’s mission to electrify those not yet reached by electricity, millions of whom live in sub-Saharan Africa, aligns with EDC’s purpose to help Canadian companies grow by managing and taking on risk beyond Canada’s borders.”
With this investment, Solar Panda will continue to grow its product offerings and expand its footprint in Africa. For many of Solar Panda’s customers, solar home systems are their introduction to electrification. These systems transform lives by eliminating the need for harmful kerosene lanterns, saving families money, supporting education, and enabling greater productivity. Children have clean light to study by, households have access to information and entertainment through television and radio, and many daily tasks are made easier.
About Solar Panda
Solar Panda, headquartered in Canada and Nairobi, manufactures and sells solar home systems that include lights, mobile charging, and a television through its network of 37 shops and 1,000 sales agents across Kenya. Solar home systems are financed to customers to make them affordable, allowing customers to pay small daily amounts for access to reliable electricity. Now in more than 200,000 homes, Solar Panda (www.solarpanda.com) is bringing clean, affordable electricity to 1 million Kenyans.
About Export Development Canada
Export Development Canada (EDC) is a Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, EDC helps Canadian companies navigate, manage and take on risk to support their growth beyond Canada’s borders. Since 1944, businesses of all sizes and sectors have counted on EDC for the export knowledge and financial solutions they need to succeed in global markets. EDC believes that sustainable, responsible and inclusive trade is a powerful force for good in Canada and around the world.