Lexo Energy, a leading fuel retailer in East Africa, plans to gradually install electric vehicle charging stations in Kenya and Tanzania after a $14.2 million (KSh1.5 billion) loan from the International Finance Corporation (IFC).
The energy company, which was established in Kenya in 2017, is involved in the distribution of diesel and petrol through its network of 33 retail fuel stations in Kenya and 7 stations in Tanzania.
Lexo leases fuel stations from the owners and operates the stations under its brand. The company plans to use the IFC loan to expand its network of fuel stations in Kenya and Tanzania.
“Lexo is aiming at a network of 200 fuel stations in 7 years, with an annual growth of 10-12 stations per country,” IFC said on its website.
The International Finance Corporation, which is the private sector arm of the World Bank, supports companies in developing countries through loans, equity investments and advisory services.
The financial institution said it will offer Lexo energy technical support for greening initiatives; and environmental, health and social best practices, in addition to the financial support.