Nithio, an African clean energy finance platform, has received a $10 million investment from the Development Finance Corporation (DFC) of the United States. DFC made this investment through Nithio FI, B.V., a Nithio platform based on artificial intelligence.

FSD Africa Investments and EDFI-ElectriFI joined together to make the investment. Nithio FI, a blended, permanent capital vehicle designed to generate money on a big scale, is raising $23 million as part of a $23 million fundraiser.

DFC’s injection of funds is part of its climate-focused investment program. It will allow Nithio to develop its data-driven financing. This funding will be used to give loans to solar energy market participants in Kenya, Uganda, and Nigeria.

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By 2025, the project will have reached over 3.5 million people. Nithio will increase climate change adaptation activities in all three African countries as a result of this funding.

To date, the Clean Energy Investment Platform has invested in VEP, Rafode, Winock, and A4&T Power Solutions, four high-impact microfinance and off-grid solar power institutions in Kenya and Nigeria.

“By normalizing credit risk, Nithio’s investments will have a bigger impact on achieving universal energy access and addressing the effects of climate change,” says Bobby Pittman (pictured), co-founder of Nithio and founding partner of Kupanda Capital. 

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Founded in 2018, Nithio fosters the use of solar energy to power households, businesses, and agricultural operations through its partnerships.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer