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![]() by Staff Writers The Hague, Netherlands (SPX) Sep 03, 2018
Dutch development bank FMO is the lead arranger in a total USD 15.5 million financing package that will grow Kingo's services with around 250,000 people that are not connected to the electricity grid in rural parts of Guatemala. These people now get access to clean off-grid energy through the supply of rooftop solar panels. Kingo currently reaches over 300,000 people with their services and FMO's syndicate will allow the company to reach a total of 550,000. The financing is for Guatemalan solar panel market leader Solesco Centroamerica (brand name Kingo). The loans will be used for organizational growth and the acquisition and installation of new solar rooftop panels in Guatemala. The roll-out will take place this year and early 2019. Linda Broekhuizen, chief investment officer at FMO, said: "The syndicated loan allows Kingo to grow further and bring electricity to approximately 550,000 people in Guatemala that don't have a reliable source of energy supply. This is clean and sustainable energy and consumers can actually save money, while remaining flexible in the amount they wish to spend." Kingo serves households that don't have access to the central electricity grid. Shortages are the biggest in rural areas, where the electrification rate is only 40%. Targeted customers now rely heavily on burning kerosene, candles and paying charging fees for cell phones. Clients acquire the energy services (panel, battery light bulbs and USB-port) on a full service rental basis. They can buy hours, weeks or months of energy services by buying 'solar credits' from local shopkeepers who will provide a special code to unlock the device - a system comparable with a prepaid phone. "Kingo's aim goes beyond eliminating energy poverty, and involves playing a spearheading role in the development of the rising billion. This financing will help Kingo advance towards its goals and the company will be closer to positively impacting 1 million households by 2020," said Kingo CEO and Co-founder, Juan Fermin Rodriguez. Bart van Eyk, Oikocredit's Director of Investments, said: "With this partnership we support an experienced off-grid energy supplier expand to rural areas in Guatemala that are very difficult for electricity suppliers to reach. We recognise the urgent need for rural households to improve their living conditions through access to reliable energy sources, which is why Kingo's off-grid energy service is crucial. This is very much at the heart of Oikocredit's mission to improve the livelihoods of lower income people and communities."
The FMO-arranged senior loan will consist of USD 5 million from FMO, USD 5 million from social impact investor Oikocredit and USD 5.5 million subordinated loan from the Infrastructure Development Fund, currently managed by FMO. The tenor of the loan is seven years. Kingo borrows the money in its local currency, the Guatemalan quetzal
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