RMB invests in KOKO to expand clean energy for cooking in Africa
Corporate and investment bank Rand Merchant Bank (RMB) has announced a strategic partnership with climate technology company KOKO, where it has acted as the lead mandated arranger and financier for a carbon financing solution to further propel KOKO’s climate objectives.
KOKO is part of the push for many on the African continent to transition to "clean and modern fuels" for cooking, away from polluting ones like charcoal.
“KOKO is leading this transition, replacing demand for charcoal through supplying over 1.1-million homes with bioethanol cooking fuel distributed through a dense network of high-tech KOKO Fuel ATMs located in thousands of corner stores across urban Kenya,” the company avers.
The resultant carbon revenues are shared with households as a non-government energy subsidy, enabling even the poorest households to switch, it adds.
“We are proud to partner with KOKO in supporting their continued rapid growth while bringing far more affordable and lower emissions energy to millions of people in Africa. As a pan-African investment bank, this deal fits well within our ambition to build a market leading carbon trading and finance business operating across Africa, serving both existing and new clients,” says RMB Carbon Finance lead Phil Norton.
According to KOKO CEO and co-founder Greg Murray, RMB has demonstrated “strong conviction” on the opportunity to harness carbon in a manner that positively changes lives.
“We’ve been looking for an entrepreneurial banking partner that understands Africa, climate markets and technology. We are proud to embark on this long-term partnership with RMB to help accelerate the expansion of KOKO’s platform across Africa,” he acclaims.
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