Altech, a Congolese Energy company, announced that it has raised a total of $18 million in debt financing and grants to support its successful geographic growth in the DRC and continue its expansion into new regions.
Debt financing was provided primarily through separate facilities provided by the Energy Entrepreneur Growth Fund (EEGF), Triple Jump, and Rabobank, respectively.
At the same time, Altech received additional support from Social Investment Managers & Advisors (SIMA Funds), SIDI (Solidarité Internationale pour le Développement et l’Investissement), Kiva, Whole Planet Foundation, and EquityBCDC. The grants were awarded by Creating Hope in Conflict: a Humanitarian Grand Challenge and ANSER DRC.
By The Numbers
Since its creation in 2013, Altech has managed to create a sales and distribution network with a national footprint, with 4,500 employees and sales agents, covering more than 140 stores across 22 of the 26 provinces of the DRC. Since then, the team has positively impacted the lives of more than 1.7 million Congolese by selling more than 350,000 solar energy products.
The funds raised allow Altech to open more than 30 new points of sale in rural areas without competition and distribute 180,000 solar products, in order to extend access to clean and reliable energy to 900,000 Congolese.
About Altech
Altech’s Congolese co-founders built the country’s most profitable and influential energy company PAYGo based on five core principles:
- The best product offering by selling only the highest quality products
- The best customer service with multiple touchpoints (retail stores, POS, customer service center) and free repair of the product throughout its lifetime.
- The healthiest customer portfolio by establishing trusting relationships with its customers and thus guaranteeing their satisfaction.
- The highest revenues through the creation of multiple streams from a diversified product portfolio.
- The highest profit margins to build a self-sustaining business by focusing on profitability and lean operations from day one.
What They’re Saying
“We are delighted to partner with Altech to support its growth as it expands access to renewable energy in the DRC. This investment is in line with our commitment to invest in innovative solutions that address critical global challenges, and we are confident that Altech will continue to make a real difference in people’s lives. Recent trade shocks such as COVID-19 and rising food and energy prices are hitting the world’s poorest people hardest. Access to clean, affordable and reliable energy is one of the improvements we can make in people’s lives.” – Mark van Doesburgh, Deputy Director, Direct Investment, Triple Jump.
Altech Co-Founder Washikala Malango said: “Since our humble beginnings in 2013 in our off-grid town of Baraka/South Kivu province in eastern DRC, we have faced the major challenge of securing working capital financing in our efforts to connect off-grid households in rural areas, peri-urban and urban areas of our country. The incredible support of Rabobank and EEGF, along with our other lenders, is one of the key pillars enabling Altech to provide clean and affordable energy to thousands of off-grid Congolese households, through modern, clean, reliable and affordable solar solutions, while creating thousands of green jobs for Congolese youth.”
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