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Projet Kingo Energy
Kingo has designed an innovative and well-suited prepaid solar energy service to provide rural communities in Guatemala with reliable and cheap access to electricity. Proparco is supporting the development of the start-up.
Client presentation
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.
Project description

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 new equipment, the sine qua none condition 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. Proparco’s financial support will assist Kingo in training its employees and securing its client data. 

PROPARCO will also assist Kingo in the search for new technologies and solutions to meet the specific challenges of its activity and its clients’ needs. Finally, PROPARCO will help it increase its reputation and its network of influence by supporting its participation in the X Prize program.

Project impact

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. 

04/08/2016
Date of signature of the project
Guatemala
Location
1 545 428 Euros
Amount of funding
Equity investment of USD 1,675,950 and technical assistance of USD 53,000
Financing details
IGNITE HOLDING
Client
CES
Guatemala: Low-cost solar lighting for rural communities