By YANGE IKYAA
The Shell Foundation, funded by the Anglo-Dutch oil company, is investing to increase electricity access in Africa via renewable energy systems, leveraging Nithio Financial Intermediary (FI), an investment drive developed by the Nithio Platform. This smart platform specializes in financing renewable energy development and deployment based on artificial intelligence.
Through its Nithio FI investment drive, Nithio aims to provide electricity access 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.
In Kenya, Nithio has invested in Rafode, as well as in Winock Solar, A4&T Power Solutions, and VEP in Nigeria. This microfinance company offers products for rural areas, including loans for solar home systems.
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.
Nithio FI grants loans to electricity providers in Africa using renewable energy. These loans are operated by a risk analysis engine, leveraging geospatial data, artificial intelligence and consumer repayment data.