The target is to enter the first new countries at the end of 2022 or the start of 2023, Raghavan says in Nairobi. His model is to sell solar equipment imported from India to individuals. The cost of the packages ranges from $200 to $600 and is paid for by Kenyan savings and credit cooperatives (SACCOs), meaning there is little credit risk for CosmoSol.
- Raghavan hopes to agree similar partnerships with co-operative banks in other east African countries.
Solar-and-storage grids have the potential to transform energy provision in sub-Saharan Africa. Consumers spend almost $20bn a year on fuel for back-up generators in sub-Saharan Africa excluding South Africa, despite the fact that such generators provide only 7% of total electricity supply, according to Benjamin Attia, an analyst at Wood Mackenzie. And his research shows about half of African businesses rely on back-up diesel generators
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