Mobisol has installed nearly 10 megawatts of off-grid solar capacity in Tanzania, Rwanda and Kenya, serving 350,000 people.
The acquisition of San Francisco-based Lumeter will allow Mobisol to expand its “pay-as-you-go” services to any type of solar hardware and other products, such as irrigation systems.
That’s particularly important “in countries whose markets may not be large enough to support vertically integrated companies to set up their own distribution channels,” Lumeter’s Mitra Ardron told ImpactAlpha.
More than one billion people lack access to reliable electricity. Few off-grid households can afford to pay upfront for solar or agricultural products, making financing essential for expanding access to low-cost energy and livelihood products.
Terms of the acquisition were not disclosed.