IMPORTANT NOTE: high risk product - direct loan to solar power product distribution company. No local partner in between to cover risks.
Issuer: Sollatek Electronics Kenya Ltd.
Maturity: 24 months, semi-annually and linearly amortizing
Interest rate: 5.5% p.a.
This is a direct loan to a company (rather than lending to a financial institution) and therefore it is recommendable that you are careful with the amount you will invest.
Information document issuer (download here)
InRisc: credit analysis write up (download here)
Sollatek Business Presentation (download here)
Sollatek Electronics Kenya Ltd is an East African leader in supplying clean reliable on and off grid energy solutions. We have been in operation since 1985 as the sole authorised agent for Sollatek products and the owner of the Sollatek franchise in East Africa. Our Head Office is in Mombasa, Kenya and sales office in Nairobi, Kenya. We operate as a wholesale and last mile distribution outfit, selling our products through a region-wide network of distributors, hardware, electronic shops, supermarkets, NGO and Co-operatives. We provide installation services, comprehensive after sales care and hassle free warranty services on all our products.
Our on-grid division supplies and installs voltage protection range includes voltage switchers, stabilisers, and uninterruptible power supplies (UPS). These devices assist businesses from small to large avoid losses, monetary and efficiency, due to unreliable power by keep their businesses, homes, and lives working uninterrupted.
The Sollatek Solar Division supplies complete turnkey solar systems and ancillary equipment including solar energy systems, solar modules, charge controllers, batteries, solar home systems and portable lanterns. We offer a wide range of affordable and quality product to cater to all the different financial capabilities of end users in Kenya.
As a Company we believe in access to affordable clean energy for all. Currently only 12.6% of Kenya’s rural population is connected to grid power. For the estimated 30 million people without a connection, solar energy is one of the most reliable and cost effective solutions. Beyond lack of access to grid power, 49% of the rural populations live at the poverty line as defined by the World Bank, which means they have limited or no disposable income for managing the high upfront costs of some solar solutions.
Since 2009, we have sold over 700,000 portable solar lanterns and solar home systems in East Africa. Through this more than 3.5 million people have gained access to clear renewable energy as a result of Sollatek’s activities. We continue to strive to provide clean and reliable energy for all.
In recent years, Sollatek has won two grants pursing the goal of universal energy access, the USADF Power Africa Off-Grid Challenge for Sollatek Solar Centers. We installed 15 income generating solar centers to run cold storage facilities and lighting for fishing coops along the Kenyan Coast. This project was a finalist in the African Innovation Awards. In 2015, SEKL was awarded a grant from Energy and Environment Partnership (EEP) for setting up an solar entrepreneur network across Kenya to encourage last mile sales and distribution of portable solar lanterns and solar home systems.
With this loan Sollatek will be able to provide 6,818 portable solar lanterns to households and businesses in Kenya. This will contribute greatly to energy security, health, education and economic opportunities for under-served rural off-grid populations in Kenya.
Sollatek works with three innovative solar manufactures to bring in a range of high quality and affordable solar products that match all the different needs and usages of the Kenyan population.
Direct benefits of the loan:
- 6.818 homes and business with access to clean, affordable and reliable energy
- Estimated 34,000 individuals who will benefit from the use of solar energy products from lanterns to tailor-made solar systems
- 6,600 tonnes of CO2 Emission removed from the atmosphere as people switch from kerosene lanterns to solar
Indirect benefits of the loan:
- Improved performance at school as children have reliable lights for schoolwork at homes
- Health benefits as kerosene lanterns are removed from indoors which fumes cause respiratory illnesses
- Increase incomes as both homes and business do not have to pay for electricity or phone charging
- Increase security for homes and night time activities
Mission & Vision
To be the East African leader in voltage protection, renewable energy and energy saving industries with a primary focus on offering high quality, affordable, and innovative products and services to all our customers.
Building on our over 30 years of experience working in East Africa as a wholesale and distribution company for power control & solar energy, we diversified into specialised solar projects, portable solar lanterns and home systems and innovative industrial power optimisation systems.
Mr. Chris R. Soper – Chairman
Chris is a Chartered Shipbroker and a successful entrepreneur with over 40 years experience of running businesses in Kenya. Chris started in shipping but a chance meeting with Manhal Allos, Managing Director of Sollatek UK Limited, led to him starting up Sollatek Kenya in 1986 to sell voltage protection devices. In 1992, Chris became one of the first people in Kenya to explore business opportunities in renewable energy. Sollatek Kenya has since that time become a leading player in the solar industry.
Mohamed Saleem N. Abdulla—Managing Director
Saleem is a certified accountant with over 25 years of accounting and management experience and over 20 years working with Sollatek. Born and educated in Mombasa, he began his career at United Touring Company in Nairobi as the Group Credit Controlled. After 3 year with UTC, Saleem moved back to Mombasa to join Sollatek as the Accountant. Saleem has risen steadily through the ranks of the Company and was promoted to take over from Chris Soper as the Managing Director in 2007. Under his stewardship, Sollatek has doubled its turnover in the past 5 years.
Shemina S. Khodabaksh—Commercial Manager
Shemina is a career administrator with over 20 years work experience in large commercial enterprise. Shemina started with The Aga Khan Hospital where she worked for over 15 years in various positions. She joined Sollatek in 2006. Shemina has been responsible for setting up and effective office management infrastructure, which has been invaluable for Sollatek, as the Company has grown rapidly in the recent years. She also spearheaded the Corporate Social Responsibility program for the past 5 years, and has been credited with many successful charitable activities organized by Sollatek.
Natalie Balck – Head of Projects and Partnerships
Natalie was educated in the States and England holding a BA in psychology and MA in International Development. She has worked in Washington DC, England and Kenya in marketing, campaigns and with NGOs. For the last 7 years, she has been working with Sollatek Electronics Kenya Ltd, developing their region wide marketing strategy, fundraising and solar project implementation. She successfully managed the USADF Power Africa Solar Run Freezers for Fisherman project as well as EEP Sollatek Direct: Solar Entrepreneurs in Kenya.
Samwel O. Odhiambo – Sales and Distribution Manager
Sam was born and educated in Nairobi. After graduating with a Bachelor of Commerce degree from University of Nairobi in 1999, Sam joined Kenya Credit Traders Limited, a credit/HP firm as a Sales Executive. His strong work ethic and exceptional selling skills saw him promoted to be the Manager of the Company’s shop in Eldoret. Sam left KCTL to join Delmer, an electronic weighing and Telecommunications Company in 2001. He worked for Delmer for 6 years and had a short stint at Kenital Solar before joining Sollatek in April 2008. A brilliant salesman and an excellent administrator, Sam has not only played a key role in firmly establishing Sollatek in Kenya but also in expanding the business regionally into Uganda, Rwanda and Burundi.
Track Record of Awards
2016 - Finalist in the Africa Innovation Awards in South Africa
2015 - SEKL was named one of Kenya’s Top 100 Mid-Size companies in East Africa by KPMG Kenya.
2015 - Awarded a grant from Energy and Environment Partnership (EEP) for setting up an solar entrepreneur network across Kenya
2015 - Mazingira Award in Category of Green Energy Solution
2014 - Winner of the USADF Power Africa Off-Grid Challenge of 100,000 USD for Sollatek Solar Centers.
2014 - Winner of Energy, Solar and Lighting, Kenya Homes Expo
2013 - SEKL was named one of Kenya’s Top 100 Mid-Size companies in East Africa by KPMG Kenya.
USADF Power Africa Off-Grid Challenge
Energy and Environment Partnership (EEP)
World Food Program Office in Isiolo, Kenya