Schneider Electric, a multinational electrical products manufacturer with operations in more than 100 countries, has set up a Sh 500 million fund to be invested in African startups in the line of renewable energy.
The announcement by the French multinational was made by its Group Chairman and Chief Executive Officer Jean-Pascal Tricoire while on a visit to Nairobi on July 28th 2017. He said the new fund has been set up in partnership with a number of VC firms including PROPARCO, a subsidiary of the French Development Agency dedicated to financing the private sector.
This comes after Schneider Electric partnered with Salesian C to launch a new laboratory at Don Bosco Boys’ Town Technical Institute, Nairobi. The lab will be used to promote vocational energy training among young underprivileged youths in Kenya. It is part of an agreement between the two institutions to renovate three Don Bosco training centres in the country.
The agreement will see Schneider Electric provide financial and technical support to renovate the electricity labs and launch a solar energy training module.
READ; Schneider To Make Kenya its Regional Export Hub
