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💡d.light secures $176m for affordable off-grid solar in East Africa

💡d.light secures $176m for affordable off-grid solar in East Africa

Plus: 🔐 Kaspersky to Exit U.S. Market

Innovation Village
July 17, 2024

Today’s Menu ☕️

💡d.light closes $176m finance facility for affordable off-grid solar in East Africa
📱Nigerian Government Launches Mobile App to Modernise Agriculture and Support Farmers
🚘 ReElement and Jupiter Lithium Unveil Plans for Nigeria’s First Large-Scale Lithium Mine to Power Electric Vehicles
🚀Nigeria prepares for satellite succession as NIGCOMSAT-1R approaches end of service
🔐Kaspersky to Exit U.S. Market Amid Security Concerns
📚 Sanari Capital Pledges $4.4 Million to Advance EduLife Group’s Network of Schools in South Africa

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💡CLEAN ENERGY

d.light closes $176m finance facility for affordable off-grid solar in East Africa

d.light, an Off-grid solar provider has announced the closing of a new securitization facility that will purchase USD$176 million of receivables in Kenya, Tanzania and Uganda. The new financing is being provided by social impact-focused asset management company African Frontier Capital.

d.light will leverage the facility to expand its PayGo consumer finance program, aiming to provide solar-powered products to more low-income households and communities lacking electricity. This multi-currency facility will facilitate access to reliable, renewable energy for approximately six million people across three countries within the next three years.

With this new facility, d.light has now closed securitized financing with a total combined purchasing value of USD$718 million across five separate facilities since 2020...…....continue reading

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📱APPS

Nigerian Government Launches Mobile App to Modernise Agriculture and Support Farmers

The Nigerian Federal Government is leading a digital initiative aimed at modernising agriculture and supporting farmers across the country. A cornerstone of this project is the development of a mobile application designed to serve as a comprehensive training and guidance platform for farmers, equipping them with essential knowledge and resources to enhance their productivity and livelihoods.

This innovative approach, as announced by Minister of State for Agriculture and Food Security, Aliyu Sabi Abdullahi, seeks to address the longstanding challenge of limited access to agricultural extension services. Traditionally, farmers have relied on extension workers to provide training and advice, but this method has proven to be inefficient and often inaccessible to farmers in remote areas.

The proposed mobile app aims to bridge this gap by providing farmers with instant access to information on a wide range of agricultural practices. This includes best practices for crop cultivation, livestock management, pest and disease control, weather forecasting, market trends, and financial management. The app’s user-friendly interface and interactive features will ensure that farmers of all literacy levels can easily navigate and utilise the information..…....continue reading

🚘 ELECTRIC VEHICLES

ReElement and Jupiter Lithium Unveil Plans for Nigeria’s First Large-Scale Lithium Mine to Power Electric Vehicles

ReElement Technologies Corporation, a leading provider of high-performance refining capacity for rare earth and critical battery elements, and United Kingdom-based Jupiter Lithium, a company focused on lithium exploration and development, have formed a groundbreaking partnership. The collaboration aims to develop Nigeria’s first large-scale lithium deposit, spanning an expansive 442 square kilometers of lithium-rich terrain.

This strategic alliance comes at a time when global demand for lithium, a key component in electric vehicle batteries and energy storage systems, is skyrocketing. Nigeria, with its vast mineral resources, is well-positioned to become a major player in the lithium market, contributing to the global transition towards cleaner energy sources.

The partnership between ReElement and Jupiter Lithium will leverage each company’s unique strengths. ReElement’s expertise in refining and processing rare earth and critical battery elements, combined with Jupiter Lithium’s experience in lithium exploration and development, will create a synergistic approach to unlocking the full potential of Nigeria’s lithium reserves....…....continue reading

🚀COMMUNICATIONS

Nigeria prepares for satellite succession as NIGCOMSAT-1R approaches end of service

The Nigerian Communications Satellite Limited (NIGCOMSAT) has initiated the process to replace its current communications satellite, NIGCOMSAT-1R, and is actively seeking international investors and partners to support the endeavor. The initiative, spearheaded by NIGCOMSAT’s Managing Director, Jane Nkechi Egerton-Idehen, is a response to the impending expiration of NIGCOMSAT-1R’s operational lifespan, which is anticipated to conclude in 2026 after 15 years of service.

In anticipation of the satellite’s lifecycle completion, the management at NIGCOMSAT is taking preemptive measures to ensure that there is no interruption in service. The proactive approach aims to secure a seamless transition to the new satellite infrastructure.

The project’s significance and call for collaboration have been highlighted in the Global Satellite Operators Association newsletter, where NIGCOMSAT’s plans were featured in the “Member in the Spotlight” section. The newsletter details NIGCOMSAT’s ambitious plans to advance satellite communications through the development of NIGCOMSAT-2 and NIGCOMSAT-3, which are expected to expand and transform connectivity capabilities both regionally and globally..…....continue reading

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🔐CYBERSECURITY

Kaspersky to Exit U.S. Market Amid Security Concerns

In a significant shift in the cybersecurity landscape, Russian cybersecurity firm Kaspersky is set to lay off dozens of employees and exit the U.S. market. This move follows a U.S. government order issued in June that banned the sale of Kaspersky’s software, citing national security risks.

Effective July 20, Kaspersky will begin to “gradually wind down” its operations in the United States. The company stated that its U.S. business is “no longer viable” due to the government ban. This announcement marks a notable retreat for Kaspersky, a once-prominent player in the American cybersecurity market....…....continue reading

📚 EDUCATION

Sanari Capital Pledges $4.4 Million to Advance EduLife Group’s Network of Schools in South Africa

Sanari Capital, a private equity firm with a focus on nurturing growth-stage companies in Africa, has recently declared a substantial follow-on investment of R80 million, which is equivalent to approximately $4.4 million, into EduLife Group. EduLife Group operates a burgeoning network of independent educational institutions across South Africa.

The primary objective of this significant financial injection is to accelerate the expansion efforts of EduLife Group throughout the nation. The allocated funds are earmarked for a dual purpose: firstly, to reinforce EduLife’s market position within its current operational territories, which include the Free State, Eastern Cape, and Western Cape regions; and secondly, to explore and potentially establish a footprint in the Gauteng province.

A portion of the investment is also designated for enhancing the infrastructure of EduLife’s existing schools. This expansion is in response to the escalating demand for education that is both high in quality and affordable, a need that EduLife is keen to meet....…....continue reading