Generation Investment Management leads $19 million equity round in M-KOPA Solar

M-KOPA Solar has announced the closing of a US $19 million financing round led by Generation Investment Management LLP.

M-KOPA provides off-grid customers a way to leapfrog over expensive and unreliable grid power and benefit from solar power on their own roof. The company is on track to reach its initial target of one million homes in East Africa by end 2017. The new investment from Generation and others will be used to further expand the company’s management team, product range and international operations.

London-based Generation Investment Management, founded by former US Vice President Al Gore together with David Blood, led the round, which also includes new investments by Sir Richard Branson, (founder of Virgin Group), and Jean and Steve Case (founder of AOL) as well as reinvestment by existing shareholders.

“We’re very pleased to have the world’s leading sustainability investors and entrepreneur’s backing us at M-KOPA. We’re proving that solar power for the off-grid world will be transformative for customers, good for the planet and profitable for investors. In just three years we’ve reached over a quarter-million homes across three countries and we are just getting started.” Said Jesse Moore, CEO and Co-Founder,M-KOPA.

“Under the stewardship of an outstanding management team, we believe that M-KOPA has consistently demonstrated its role as a global leader in terms of robust technology, market traction and scale. With 1.3 billion people currently off-grid, M-KOPA’s innovative model means that modern solar-powered appliances can be made affordable to a huge new market. In addition to attractive long-term financial returns, this brings clear climate advantages and financial savings for low-income customers.” Colin le Duc, Partner at Generation Investment Management, Said.