16 March 2023: Ignite Power, a leading provider of solar solutions across Africa, announced today the acquisition of Pawame, an Abu-Dhabi Global Markets (ADGM) headquartered distributor of Solar Home Systems. This acquisition reinforces Ignite Power’s commitment to bringing affordable and sustainable energy solutions to millions across the SSA region, and creating impact at a continental scale.
Pawame has been providing off-grid solar solutions to mostly rural homes and small businesses in Kenya since 2016, electrifying 30,000 households through an affordable Pay-As-You-Go financing model. The acquisition will enable Ignite Power to expand its reach to the Kenyan market and grow its impact to millions more. “We are thrilled to welcome Pawame into the Ignite Power family,” said Yariv Cohen, CEO of Ignite Power. “With this acquisition, we are expanding our presence to Kenya and growing our ability to provide affordable and sustainable energy solutions to even more people in Africa.“
The acquisition of Pawame is another milestone for Ignite Power, which already directly impacted 2 million people in 12,000 villages across 4 African countries, utilizing its proven models and advanced technologies for smart and efficient operations. With said models and technologies for last-mile operation, Ignite Power has been instrumental in bringing distributed infra-tech solutions to remote areas of the continent.
“We believe that access to reliable and affordable energy is a basic human right”, says Cohen. “We remain committed to making this a reality for more communities across Africa, and are excited to pave the way to a cleaner, more inclusive and sustainable future for millions across Kenya in the coming years.”
This acquisition is part of Ignite Power’s ongoing commitment to expanding its footprint in Africa through organic growth and strategic acquisitions, leading the way to sustainable impact at scale.
“We have been supporting Pawame since 2018, and we believe this acquisition will accelerate Ignite Power’s growth and make it one of the leading companies in Kenya, while also supporting existing customers and employees. This opportunity has the immense potential to multiply the impact, which Pawame has been trying to achieve in the last 5-6 years.” Said Arivazhagan G D, Partner at SIMA Funds, which is the largest lender to Pawame and the lead arranger of this deal.
“Pawame has brightened the lives of over one hundred fifty thousand people in Kenya by making solar energy affordable to low-income households. We are extremely pleased that this legacy of impact will continue and be further built upon under Ignite Power, and look forward to seeing them further improve the quality of life in rural Africa”, said Alexandre Allegue, Pawame’s Chairman and Founder.
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About Ignite Power: Ignite Power connects last-mile, hardest-to-reach communities across Sub- Saharan Africa to clean, sustainable, and affordable solar solutions. The company’s mission is to alleviate extreme poverty in bottom-of-the-pyramid societies through solar power, technology, and inclusive financing schemes.
