NAIROBI, Kenya, Feb 29 – Kenya is hosting a major conference on financing Africa’s energy transition dubbed ‘The 11th Edition of Sankalp Africa Summit’ in Nairobi.
The conference was supported by Energy Catalyst, an Innovate UK programme co-funded by the Foreign, Commonwealth, and Development Office (FCDO) and other UK departments, to accelerate the innovation needed to enhance Africa’s energy transition.
The conference also attracted innovators and entrepreneurs from across Africa.
Irene Mbithe Ndolo from Charm Impact, a peer-to-peer impact investment platform established to help combat climate change and achieve universal access to clean and affordable energy, said that the company focuses on supporting renewable energy companies.
“We support locally founded renewable energy companies, businesses in the line of bio-gas, solar home systems, bio-mass producers, clean cooking, among others,” she said.
She stated that there are a lot of growth opportunities in the sector, but the only challenge faced by entrepreneurs is accessing capital due to the barriers of entry.
“We need to go out to look for entrepreneurs and also for them to look for us to find the businesses that will ideally not be able to grow in a normal setting because of the many barriers they face,” she noted.
She further stated that Charm Impact provides cheaper capital to entrepreneurs and provides them with more flexible terms.
Ndolo added that innovation and financing are important because they give entrepreneurs the opportunity to tap into technology and empower them to compete on international levels.
“Financing innovative projects means empowering young minds to compete on a larger level and leads to emergence of better products,” she elaborated.
With the blended finance model, Ndolo asked for more philanthropic providers and grant providers to come in and help grow the business.
“Getting a viable business to invest in is a challenge because most businesses are still in the incubation stage, and our aim is not just to give money but to double the business revenue for the business to be able to pay back after growing.
Charm Impact is targeting locally owned businesses and those that are unable to raise capital to ensure that every entrepreneur’s dream comes true.
