Established in 2013, Altech has built a wide-reaching sales and distribution network in the Democratic Republic of Congo (DRC). With 4,500 employees and sales agents, Altech operates over 140 shops across 22 provinces in the country. Through its efforts, Altech has positively impacted the lives of more than 1.7 million Congolese individuals, selling over 350,000 solar energy products.
Recently, Altech announced an $18 million growth capital investment that will facilitate the opening of more than 30 new sales outlets in rural areas without competition. Additionally, it will enable the distribution of 180,000 solar products, providing clean and reliable energy access to approximately 900,000 people.
The debt financing for this expansion was primarily provided through separate facilities by the Energy Entrepreneurs Growth Fund (EEGF) Triple Jump and Rabobank. Altech also received support from other organizations, including Social Investment Managers & Advisors (SIMA Funds), SIDI (Solidarité Internationale pour le Développement et l’Investissement), Kiva, Whole Planet Foundation, EquityBCDC, Creating Hope in Conflict: a Humanitarian Grand Challenge, and ANSER RDC.
Washikala Malango, co-founder of Altech, expressed gratitude for the support received, emphasizing the challenges faced in obtaining working capital financing to connect off-grid households in rural, peri-urban, and urban areas of the DRC. Malango highlighted the importance of the financial support in providing affordable clean energy solutions to thousands of Congolese households and creating green job opportunities for the country’s youth.
Mark van Doesburgh, Deputy Head of the Direct Investments team at Triple Jump, expressed excitement about partnering with Altech to expand renewable energy access in the DRC. He emphasized the significance of investing in innovative solutions that address global challenges and believed that Altech’s efforts would continue to make a positive difference in people’s lives.
