“This loan will allow us to access local currency financing in several jurisdictions, giving our company more room to serve more and better customers,” says Michael Heyink, Yellow’s founder and CEO. The company relies on solar kits to accelerate electrification on a continent where 600 million people live without electricity according to the African Development Bank (AfDB).
Yellow has already provided access to electricity to 1.5 million people by selling 300,000 solar kits since its launch in 2018. The company is rolling out in East Africa through a network of 1,200 agents.
“To date, the renewable energy produced by Yellow’s solar home systems has avoided the emission of approximately 442,671 metric tons of CO2 equivalent by replacing paraffin lanterns and diesel generators,” says Oikocredit. The solar kit provider is supported by other financial partners, including investment companies Mirova SunFunder and Trine, fund manager Lion’s Head and the United States Agency for International Development (USAID) through the Power Africa initiative.