Okra Solar, an Australian tech startup, has secured a $3.4 million working capital facility under the European Union (EU) ElectriFI country window to use solar mesh networks to target 76,000 energy access grantees in Nigeria and other developing countries by the end of 2025 .
The initiative launched in 2016, with Okra Solar developing the mesh network technology primarily to electrify underserved or underserved communities. The tech company also said it will provide access to electricity via mesh network technology to mini-grid developers.
The company began to focus on the highly strategic Nigerian market and planned to implement several pilot projects to power more than 30,000 homes in the country over the next two to three years.
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“Even with off-grid solutions such as mesh networks, which are 10 times cheaper than grid extension for hard-to-reach communities, 80 million people continue to live off-grid in Nigeria. Okra is incredibly excited to be working with EDFI ElectriFI to implement innovative financial tools that will enable local developers to deploy mesh networks at scale and continue to quickly bring power to people,” said Afnan Hannan, co-founder and CEO of Okra Solar.
The investment made by EDFI ElectriFI consists of a renewable working capital facility that aims to close the financing gap in the supply chain, help Okra to take advantage of the high demand for its technology, expand its market share in Nigeria and ultimately accelerate sustainability. electrification.
“We are proud to contribute to facilitating and accelerating the development of micro and mini grids for rural electrification in Nigeria. Given the various awards Okra has received, we are confident that Okra’s highly-skilled team will thrive within this complex industry,” said Maud Watelet, Senior Director of ElectriFI Investments at EDFI MC.
