Clean Energy | May 8, 2023

Schmidt Family Foundation backs Nithio for clean energy access in sub-Saharan Africa

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, May 8 — A $3 million investment by the former Google executive’s foundation will support off-grid solar lending to borrowers in “the hardest-to-reach communities in Africa,” said Schmidt Family Foundation’s Aaron Mbati, “people who contribute little to climate change but bear the worst of it, and who deserve the benefits of clean energy most of all.”

The capital will go to Nithio’s blended finance fund, which finances local distributors of solar products for households, businesses and farmers. Other investors in the fund include the DFC, FSD Africa Investments, EDFI-ElectriFI and Shell Foundation. Women-led Nithio aims to invest $170 million by 2025 for clean energy access.