French energy group, EDF has announced the buying stakes in two Kenyan companies; a 50% stake in solar energy firm Econet Energy Kenya and a 23% stake in off-grid energy company Bboxx Kenya. The move seeks to boost the group’s presence in Africa and in renewable energy.
However, they did not disclose the financial terms.
With EDF already present on the Kenyan market of solar irrigation pumps for small-holder farmers with its partner Sunculture, it says it will now extend its off-grid offer to the residential market and target to connect more than two million Kenyans to electricity by 2025.
The French group is present in 14 countries through a wide range of low-carbon energy solutions, from renewable generation to grids and energy services.
Meanwhile, Venture Capital firm Uncovered Fund has launched a $15 million to back early-stage startups in Africa. The fund, expected to close by June this year, targets to invest between $50,000 and $500,000 in African startups seed and Series A stages, working with local entrepreneurs to create sustainable businesses.