To boost access to energy, DRC’s Altech Group raised $18 M growth capital

To continue enhancing its market position and increase nationwide access to energy, the DRC-based Altech Group has raised US $18 million in grants and debt financing.

Since its founding in 2013, Altech has built a sales and distribution network with a national footprint, employing 4,500 sales agents and employees, and serving more than 140 shops in 22 of the DRC’s 26 provinces. By selling over 350,000 solar energy products, it has had a positive impact on the lives of over 1.7 million Congolese.

Altech will be able to distribute 180,000 solar products and open more than 30 new sales outlets in rural areas thanks to the recently announced US $18 million growth capital, extending access to safe, reliable energy to 900,000 more people.

The Energy Entrepreneurs Growth Fund (EEGF), Triple Jump, and Rabobank each offered separate facilities for debt financing. Likewise, Social Investment Managers & Advisors (SIMA Funds), SIDI (Solidarité Internationale pour le Développement et l’Investissement), Kiva, Whole Planet Foundation, and EquityBCDC have all provided additional support to Altech. The grants were given out by ANSER RDC and Creating Hope in Conflict: a Humanitarian Grand Challenge.

“Since our humble beginning in 2013 in our off-grid city of Baraka in South-Kivu province in the Eastern part of the DRC, we have faced the severe challenge of obtaining working capital financing in our efforts to connect off-grid households in the rural, peri-urban, and urban areas of our country,” said Altech co-founder Washikala Malango.

“The incredible support from Rabobank and EEGF, as well as our other lenders, is one of the main pillars for Altech to provide affordable clean energy to thousands of Congolese off-grid households to modern, clean, reliable, and affordable solar solutions while creating thousands of green jobs for Congolese youth.”

According to Mark van Doesburgh, Deputy Head of Triple Jump’s Direct Investments team, he was “excited” to work with Altech to support its expansion of access to renewable energy in the DRC.

“This investment aligns with our commitment to investing in innovative solutions that address critical global challenges, and we believe that Altech will continue to make a real difference in people’s lives. Recent market shocks such as COVID-19 and the increases in food and energy prices are hitting the world’s poorest the hardest. Providing access to clean, affordable, and reliable energy is one improvement we can make to people’s lives,” he said.