Azuri Set for Growth with Innovative $20M Debt Financing

Innovative off-balance-sheet SPV deal structure designed to attract
new sophisticated investors to the African off-grid solar sector

CAMBRIDGE, United Kingdom–(BUSINESS WIRE)–At the Global Off-Grid Lighting Association conference in Hong Kong,
Azuri Technologies, a leading provider of PayGo solar products and
services across sub-Saharan Africa, today announced the launch of its
innovative $20 million off-balance-sheet debt financing program to
provide working capital for the expansion of off-grid energy and service
provision in East Africa.

The program will be deployed in phases during 2018. The first phase of
$4 million, which has already been concluded, includes investments from
the European Union program ElectriFI, alongside Azuri, and its
investment partners, including impact investment platform TRINE. The
initial phase will be deployed in Kenya, providing additional financing
to enable Azuri to supply its PayGo solar systems, including its new
award-winning satellite-TV solution, and future product solutions, to
tens of thousands more households across the country. Subsequent phases
of the program will expand to Azuri’s other key territories in East
Africa including Tanzania, Uganda, and Zambia.

The PayGo sector is growing rapidly and its continued expansion requires
access to substantial levels of commercial debt capital. The Azuri
financing program allows commercial debt to be raised and secured
against the future revenues of Azuri customers. This has been made
possible by the strong track record of customer repayments for Azuri’s
PayGo products. It also provides confidence to debt investors who are
able to use Azuri’s detailed customer data to ensure the finance is duly
deployed to intended customers and that customer receipts are
appropriately secured. The multi-phase debt program will enable Azuri to
work with a consortium of new sophisticated lenders to support expansion
the sector.

Azuri’s CEO, Simon Bransfield-Garth, commented: “Completing the first
phase of our receivables financing program is a major step for Azuri.
The support of ElectriFI is a great vote of confidence in the
opportunity in the African off-grid home solar sector as a whole, and in
Azuri in particular. It will enable us to attract a new set of
commercial investors to expand the impact of our work.”

Hatem Mahbouli, Senior Investment Officer ElectriFI, added: “A major
barrier to investments in access to energy in developing countries is
the lack of working capital finance. ElectriFI is delighted to be
supporting the off-grid energy sector in sub-Saharan Africa and
providing catalytic finance that will help improve the conditions for
mainstream investment in this underfunded sector”.

Viktor Andersson, Debt Portfolio Manager at TRINE, commented: “We are
excited to be working with Azuri and ElectriFI on this scalable
financing program, which enables our network of sophisticated investors,
including family offices, to provide the financing support this
fast-growing sector needs and deserves in order to maximise impact.”

Contacts

Azuri Technologies Ltd
Lauren McIntosh
[email protected]
or
Emmanuelle
Liessens
Marketing & Communications Manager, EDFI
[email protected]
or
TRINE
Viktor
Andersson
Debt Portfolio Manager
[email protected]