Investec Asset Management announced on 30 November that a follow-on equity investment has been made by a consortium of investors in off-grid solar home system provider Mobisol. Investec, the World Bank Group’s International Finance Corporation and Dutch development bank FMO, initially bought into the company in late 2016, supporting the growth of Mobisol’s operations in Tanzania and Rwanda as well as a move into Kenya. Berlin headquartered Mobisol has raised more than $25m over the last six months in debt and equity.
Mobisol chief executive and founder Thomas Gottschalk said that, “Mobisol’s partnership with Investec consortium allows us to further grow and to set the stage for providing reliable and affordable solar energy solutions to 20m people by 2023”. Investment principal in the Investec Asset Management private equity team Mark Jennings added that, “Since our initial investment Mobisol has continued to successfully expand its operating footprint, most notably with entry into Kenya, whilst also strengthening and innovating around its product offering and its business model. This, combined with a disciplined approach to on-the-ground execution and a strong commitment to quality and reliability, positions Mobisol for further strong growth and impact”.
