AFRICA: Shell Foundation invests in Nithio FI to finance renewable energy

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AFRICA: Shell invests in Nithio FI for renewable energy financing©Tukio/Shutterstock

The Nithio platform gets a catalytic investment from the Shell Foundation funded by the Anglo-Dutch oil company Shell. With this investment, Nithio will support the development of renewable energy based on artificial intelligence in Africa

The Shell Foundation is once again supporting electrification via renewable energy in Africa. The organization funded by the Anglo-Dutch oil company Shell is investing in Nithio FI (Financial Intermediary), an investment vehicle set up by the Nithio platform specialized in financing renewable energies based on artificial intelligence.

Nithio FI grants loans to electricity providers using renewable energies in Africa. These loans are powered by a risk analysis engine, leveraging geospatial data, artificial intelligence and consumer repayment data. According to Nithio, the Shell Foundation’s investment, co-funded by UK Aid, will help reduce risk while unlocking additional commercial and development investment in its financing vehicle.

Support from several investors

Through its Nithio FI investment vehicle, Nithio aims to provide access to electricity to 3.5 million people and avoid emissions of 250,000 tonnes of CO2 equivalent by 2025. The company co-founded by Kate Steel, Queen Chinyere Quinn and Bobby Pittman currently provides debt-backed loans to solar energy providers in three African countries.

Read also- Africa bets on renewable energy for its electrification

In Kenya, for example, Nithio has invested in Rafode. Using artificial intelligence, this microfinance company offers products for rural areas, including loans for solar home systems. In Nigeria, Nithio has invested in Winock Solar, A4&T Power Solutions, and VEP. In addition to the Shell Foundation, Nithio is also supported by the U.S. Finance Corporation for International Development (DFC), FSD Africa Investments (FSDAi), the investment arm of FSD Africa, and the European Union (EU)-funded EDFI ElectriFI (Electrification Financing Initiative).

Jean Marie Takouleu


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