USD 15.5 million financing for Guatemalan solar company

The Netherlands Development Finance Company (FMO), the Dutch development bank, has recently announced its debt financing plan for Kingo, a pay-as-you-go solar power provider in Guatemala.

With the seven-year local currency loan totalling $15.5million dollars, Kingo will buy and install solar panels and ensure the general growth of the company to serve its current 300,000 customers, and reach an additional 250,000. The company was founded with the goal to provide energy to regions without access to energy through a business model which allows customers to rent solar energy as needed.

The company’s CEO and co-founder, Mr. Juan Fermín Rodriguez, welcomed this financing as bringing the company closer to “positively impacting 1 million households by 2020”, as the company aims to have a “spearheading role in the development of the rising billion”, the expected 1 billion new consumers of technology before 2020.