
By Adaobi Rhema Oguejiofor
Nithio, an energy finance company focused on solar energy in Africa, has secured an investment worth $3 million, which is equivalent to N1.3 billion, from the Schmidt Family Foundation, a private charitable organization.
This was disclosed in a statement released by the firm on Tuesday. The Company plans to use the funds it recently obtained to expand access to renewable energy products for over 17,000 households.
Nithio predicts that, from this investment, over 17,000 households and more than 77,000 individuals will benefit. Also, over 6,000 people will undertake more economic activity and over 2,400 people will be able to use products to support enterprises, which will lead to more than $ 3.4 million cumulative additional income being generated, and over 17,800 metric tons of carbon dioxide avoided.
The investment will enable Nithio to continue to scale its lending, as the team plans to invest $170 million by 2025 and $1 billion by 2030.
The Schmidt Family Foundation joins other investors such as US Development of Finance Corporation, FSD Africa Investments, EDFI-ElectriFI, and Shell Foundation to invest into Nithio FI.
The investment into Nithio FI portrays the Schmidt Family Foundation’s commitment to scaling clean energy access across Africa and its focus on improving climate mitigation, adaptation, and resilience.
The portfolio director of the impact investing programme at the Schmidt Family Foundation, Aaron Mbati, while speaking on the investment said that the Foundation is proud to contribute to Nithio FI in order to scale clean, affordable and sustainable energy access in Africa.
The Co-Founder and CEO of Nithio, Kate Steel, also said that the Company looks forward to expanding its lending with the Foundation’s support and building climate resilience through increased energy access.