Ignite, headquartered in Rwanda, has been able to change the
energy paradigm in a Continent afflicted by energy poverty with over 700
million people without access to power. By virtue of Ignite's large-scale
project model and its recently secured local currency debt financing, Ignite is
offering a price plan which multiplies the addressable market for Solar Home
products.
Yariv Cohen, Ignite's Chief Executive, says, "We
completed phase 2 of 'Ignite Rwanda' project. With a network of 1,600
installers, operational efficiencies and economies of scale, we can make home
solar more affordable than ever before. The launch marks the commencement of
phase 3, on track to achieve our goal of 100% Clean Access."
In recent years, the price of solar has been dropping. Solar
home systems in Africa, however, have not followed suit, mainly because
international companies found it difficult to reach scale and secure local
financing.
Angela Homsi, CIO: "We are excited that local
commercial capital is mobilising towards the Solar home sector. This indicates
we are moving from niche financing to mainstream capital. We expect this to
continue, lower the cost of capital further and enable us to provide even more
value to our clients."
In less than a year Ignite became the largest rural utility
in Rwanda. For only $4 a month, with no down payment, Ignite provides the most
affordable plan in Africa according to a Sendea report. This is the first time
in the Continent's history that a rural utility provides a nationwide solution
to energy poverty at a price that is affordable for 80% of the population. On
the opposite side of the scale, Ignite also launched an affordable TV system
for customers wishing to upgrade
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