East Africa: Starsight receives backing from Global Climate Partnership Fund

The Global Climate Partnership Fund (GCPF), managed by ResponsAbility Investments, and the Dutch entrepreneurial development bank FMO are investing $10 million each in renewable energy company Starsight Premier Energy Finance. The two investments will support commercial and industrial solar projects in East Africa.

In Kenya, industrial and commercial enterprises pay high grid tariffs ranging from $13-20 cents per kilowatt hour of electricity. Starsight’s lease to own model offers businesses in East Africa the opportunity to lease a solar photovoltaic system for 12-15 years after which the system is transferred to the client. The monthly lease payment includes the lease amount for the system, maintenance, insurance, and spare parts. This allows the client to generate their own electricity for about $6-8 cents per kilowatt hour.

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