Kingo is a Guatemalan start-up created by local entrepreneurs in 2013. It provides rural communities who are not connected to the national grid with a prepaid service (pay-as-you-go) for solar energy which is reliable, affordable and flexible. Kingo benefits from the unique position as the first mover for a client base neglected by the market.
The financing provided aims to continue the growth in Guatemala by operating in new regions of the country. It is dedicated to investments for the procurement of equipment, a prerequisite for the acquisition of new clients, and to cover part of the costs for installation and maintenance operations. By supporting the company at this early stage of development, PROPARCO is also seeking to create a catalyst effect on a future capital increase, which will aim to finance the expansion into neighboring countries.
Two TA projects have been developed with Kingo:
- The first project has helped Kingo train its employees and secure its client data.
- The 2nd project has allowed Kingo to develop its Kingo R&D activity, and in particular the search for new technologies and solutions to meet the specific challenges of the sector and its clients’ needs. Finally, this project is helping Kingo to develop its network and influence in a highly competitive sector.
This operation is fully in line with Proparco's mandate for green and inclusive growth, as the project offers an innovative approach to access to electricity, which is a major component for development in remote areas. Through its accessibility and substitution effect, it makes a significant contribution to improving living conditions for households, with a positive impact on the health environment, productivity and education. Finally, Proparco’s technical assistance financing will directly contribute to professionalizing Kingo and its employees.
Finally, the financing of technical assistance by PROPARCO will directly contribute to the professionalization of Kingo and its employees. The participation in the X Prize program should promote the adoption of new technical solutions and thereby contribute to increasing its position on the market after their deployment.