Nithio, a leading solar energy investor in Africa, locked down a USD 3 million investment from the Schmidt Family Foundation.
The foundation will back the Nitihio FI investment vehicle that leverages geospatial data, consumer repayment data, and AI and financial modeling to standardize credit risk assessments, inform due diligence, and enhance portfolio and impact monitoring. Solar companies in Kenya, Uganda, and Nigeria are already recipients of receivebales-backed lending from Nithio FI.
Nithio was the proponent of the Data-Driven Energy Access for Africa Lab instrument .
“Nithio is proud to partner with the Schmidt Family Foundation, an organization that is strongly aligned with Nithio’s mission to expand climate justice through clean energy access in Africa. We look forward to expanding our lending with the Foundation’s support and building climate resilience through increased energy access.”
Kate Steel, Nithio Co-Founder and CEO
Established in 2006 by Eric and Wendy Schmidt, the Schmidt Family Foundation works to restore a balanced relationship between people and planet. Through grantmaking and investments, the foundation partners with communities around the world in working for renewable energy, resilient food systems, healthy oceans and the protection of human rights. The foundation makes grants and impact investments through two programs: 11th Hour Project and Schmidt Marine Technology Partners.