M-KOPA (Uganda)

East Africa,Africa Infrastructure

M-Kopa, founded in 2012, is a solar energy company. It has pioneered and built one of the world’s most advanced Pay-As-You-Go platforms and expanded the product line from lighting solutions to fridges and mobile phones.

Our investment

In 2016, CDC invested $11.6 million of equity in M-KOPA, with a subsequent follow-on round of $7 million in November 2017.

In 2017 CDC also provided $20 million of debt financing (equivalent amounts in Kenyan and Ugandan shillings), as part of a $55 million local currency facility alongside Stanbic, FMO and Norfund. This was a landmark deal in the off-grid energy sector, being the largest commercial local currency debt facility to date for a pay-as-you-go company.

Our investments will allow M-KOPA to install solar home systems in a further one million homes.

Expected impact

Over 600 million people in Africa live without access to reliable and affordable grid-based electricity.

M-KOPA's pioneering systems use solar energy to power lights, a torch and a radio (which are provided by the company), as well as mobile phone charging.

The system runs through a control box, which contains a mobile data chip, through which customers can buy credit for their power.

Our investment will enable M-KOPA to provide low-cost electricity to low-income customers in Kenya, via daily mobile payment plans on a lease-to-own basis. This allows them to access electricity in their homes, often for the first time, and can contribute to reduced emissions when replacing kerosene lamps.

Environmental and social aspects

M-KOPA customers currently enjoy over 75 million hours of kerosene-free lighting per month and on current estimates will save over 380,000 tonnes of CO2 over four years. Replacing kerosene with solar-powered lighting also radically reduces the health impacts of smoke inhalation – estimated to be the equivalent of smoking two packets of cigarettes per day.

We are working with the company to further improve its environmental and social management system and support it become a sector leader in e-waste management.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

Africa, East Africa

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Direct Debt
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

December 2017

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.