Top 10 Solar Companies in Africa in 2025

In Summary

• Africa’s solar sector in 2025 is driven by both large-scale international developers and local off-grid innovators, with companies like d.light and M-KOPA, leading in product volume, financing, and utility-scale projects.
• Companies leverage pay-as-you-go models, smart solar systems, hybrid solutions, and digital finance platforms to expand energy access, improve grid reliability, and support households and SMEs, while promoting financial inclusion.
• The top solar companies collectively connect millions of Africans to clean electricity, reduce reliance on diesel and kerosene, lower CO₂ emissions, and contribute to economic development, demonstrating solar energy’s transformative role in Africa’s energy transition.

Deep Dive!!!

Wednesday, 29 October 2025 – The African solar energy sector has experienced remarkable growth over the past decade, and 2025 marks a pivotal year in the continent’s transition toward reliable, clean, and affordable electricity. With increasing energy demand, chronic grid instability, and heightened climate-conscious investment, solar power has emerged as a leading solution for households, businesses, and large utilities alike. Governments across Africa are actively supporting renewable energy expansion through favorable policies, power purchase agreements, and public-private partnerships, while international investors and development finance institutions are directing substantial capital toward both utility-scale and off-grid solar projects. This confluence of policy, finance, and technology has created a fertile environment for solar companies to scale rapidly and deliver measurable impact in energy access, economic productivity, and environmental sustainability.

In 2024–2025, the continent’s solar market has been shaped by a combination of global expertise and locally-rooted innovation. Large-scale international developers like ACWA Power, Scatec, and Globeleq have expanded their utility-scale and hybrid solar portfolios, often incorporating energy storage and public-private collaborations to strengthen grid reliability in key markets such as Egypt, South Africa, and Morocco. Meanwhile, African-focused innovators such as Daystar Power, Arnergy, and Sun King have capitalized on decentralized, off-grid solutions, leveraging pay-as-you-go financing and smart solar technology to reach households and small businesses in remote regions. Companies like M-KOPA and d.light have distinguished themselves by integrating solar energy delivery with financial services, thereby addressing both energy poverty and financial inclusion, and collectively connecting millions of Africans to affordable, clean power.

The 2025 ranking of Africa’s top solar companies reflects a dynamic, multi-tiered market in which scale, innovation, and financial ingenuity determine leadership. From utility-scale solar giants providing bulk electricity to national grids, to entrepreneurial off-grid developers enabling micro-enterprises and rural households to access energy reliably, these companies illustrate the diverse strategies driving the continent’s energy transition. The following analysis presents the Top 10 Solar Companies in Africa in 2025, highlighting their technological innovations, market reach, financial structures, and operational impact, based on 2024–2025 verifiable reports and data. This overview underscores not only the economic significance of solar energy in Africa but also its transformative potential in advancing sustainable development and climate resilience.

10. ACWA Power

ACWA Power’s African strategy in 2024–2025 exhibits a clear acceleration toward utility-scale solar and hybrid energy solutions, reinforcing its claim as a major global investor in the continent’s transition to clean power. The company’s 2024 press release notes that its investment in Africa has reached approximately $7 billion in total project cost to date. Key among the milestones was the completion of the Kom Ombo Photovoltaic Plant in Egypt (200 MW) and the commissioning of the Redstone Concentrating Solar Power Plant in South Africa (50 MW of 100 MW intended capacity) by late 2024. These project achievements not only demonstrate ACWA’s capability to deliver large scale infrastructure in challenging African markets but also highlight its entry into solar plus storage (in CSP form) and its ambition to shape the renewable energy landscape beyond simple PV deployment.

Geographically, ACWA has concentrated its African footprint on high-impact markets such as Egypt and South Africa, where regulatory frameworks are more mature and utility procurement programmes are well-established. Its Kom Ombo PV project in Egypt is fully operational, supplying electricity to over 200,000 households according to the company’s disclosures. In South Africa, the Redstone CSP plant, a concentrated solar power project with thermal storage, is noteworthy because it addresses one of Africa’s most acute power system challenges: supply intermittency. By achieving synchronisation with the national grid and nearing full capacity, ACWA signals that large-scale storage-coupled solar is viable in Africa. Moreover, its expansion into ancillary markets (for example, green hydrogen and desalination) further broadens its strategic proposition. For example, ACWA signed a major PPP for a renewables-powered desalination plant in Senegal, a non-power application but key to integrated infrastructure development.

From an investment and financial analysis perspective, the scale of ACWA’s commitments in Africa and the form of its project engagements (often PPP, or state-tied IPP structures) point to a long-term, asset-heavy strategy rather than a quick build-and-sell model. Its 2024 annual report confirms expansion into new markets and technologies and states more than 70 new business development projects underway. That creates the potential for stable, long-term cashflows via power purchase agreements (PPAs) and infrastructure contracting, albeit with attendant country risk, construction risk and currency risk. For stakeholders and lenders, such scale gives confidence but demands rigorous execution discipline. ACWA’s strategy is aligning Africa’s utility-scale solar growth with institutional-grade project investment.

However, risks and caveats remain, and these should be noted in an analyst’s evaluation. The breakdown incident at one of ACWA’s Moroccan CSP assets in early 2024 (reported cost of about US$47 million) underscores the technical and operational complexity of CSP and large-scale solar thermal facilities. In African markets, ACWA faces challenges typical to major infrastructure developers: regulatory uncertainty, currency devaluation, grid connection delays, and local-content pressures. Execution risk remains elevated when engaging with governments and public procurement frameworks. That said, ACWA Power’s 2024–25 data show that it is among the most active international IPPs investing in Africa’s solar transition, combining high capital commitment, integrated energy-water-renewables solutions, and a growing African project portfolio. This places ACWA as a worthy inclusion at the No. 10 slot in the 2025 ranking of top solar companies in Africa.

9. Scatec

Scatec’s 2024/2025 activity shows a clear strategic shift from opportunistic project development toward large, utility-scale anchor projects coupled with battery storage, a move that positions the company to capture firm capacity demand in Africa’s maturing markets. The company’s 2024 Annual Integrated Report and subsequent disclosures emphasize a growing backlog and an expanding construction pipeline, and Scatec’s public statements highlight a pipeline measured in gigawatts rather than single-digit hundreds. a necessary scale to remain competitive in markets now awarding large PPAs and sovereign-backed deals. This shift is visible in its announced projects and financial reporting, which together signal that management is prioritizing long-term contracted revenue over one-off EPC gains.

Concrete examples from 2025 illustrate that strategy: Scatec began construction of the Obelisk programme in Egypt, announced as a 1.1 GW solar project paired with 100 MW / 200 MWh of battery storage, and separately reached financial close on a 1 GW project with the Egyptian state, underlining the company’s ability to execute complex, sovereign-backed transactions at scale. These projects are significant for three reasons: they validate Scatec’s ability to secure dollar-denominated long-term PPAs in politically important markets, they bring multi-hundred-million dollar capital structures (which spread risk across DFIs and commercial lenders), and they demonstrate a deliberate bet on solar + BESS as a pathway to address daily and seasonal demand variability. Together, those elements materially increase Scatec’s contracted revenue visibility and reduce merchant exposure compared with pure merchant solar developers.

From an operational and financial perspective, Scatec’s Q4 2024 reporting and its integrated report show improving construction margins and an emphasis on project quality and partner selection, factors that matter in Africa where contractual, grid and political risks vary significantly between jurisdictions. The Q4 report calls out a healthy D&C margin and a maturing backlog while also documenting portfolio optimization, including selective divestments and local partnerships that free capital for higher-return projects. That pattern, build-to-operate for yield where returns justify long-term ownership, and divest where recycling capital can accelerate new growth, is consistent with the practices of IPPs moving from developer to long-term renewable operators.

Risk and competitive context remain relevant caveats. Scatec’s reliance on large, sovereign-backed deals concentrates political-counterparty risk (even if sovereign guarantees mitigate payment risk), and execution in multiple African markets depends on local permitting, grid readiness and contractor availability. At the same time, participation in landmark projects such as Benban and other regional programs has created valuable relationships with DFIs, host governments and EPC partners relationships that are both a competitive moat and a source of reputational exposure if projects slip. For stakeholders assessing Scatec among Africa’s top solar players in 2025, the company looks like a scaled, institutionally backed developer that is successfully transitioning into long-life, solar-plus-storage assets, a prudent play for investors focused on contracted cashflows, but one that still requires active risk management across political and construction cycles.

8. Lekela Power

Lekela Power’s evolution from a primarily wind-focused independent power producer (IPP) to a diversified renewable energy platform marks one of the most strategic transitions within Africa’s clean energy sector in 2024/2025. Established originally as a partnership between Actis and Mainstream Renewable Power, Lekela’s operations span Egypt, South Africa, Senegal, and Ghana, with a combined portfolio exceeding 1.3 GW of installed capacity. According to Lekela’s 2024 operational updates and Africa Energy Outlook reports, the company’s shift into utility-scale solar was driven by two factors: falling photovoltaic (PV) costs and the need to complement wind generation with daytime power production for grid stability. This diversification reflects a broader market trend in Africa where IPPs are adopting hybrid models to smooth supply curves and meet national energy mix targets under updated Nationally Determined Contributions (NDCs).

In 2024, Lekela began construction and commissioning of several key solar projects across its core markets, notably in Egypt’s West Nile region and northern Senegal. The West Nile Solar Complex, projected at over 200 MW, was announced as part of Egypt’s Integrated Sustainable Energy Strategy 2030, designed to raise renewables’ share in electricity generation to 42% by 2035. Similarly, the Taiba Ndiaye Solar Extension in Senegal, an add-on to Lekela’s flagship 158 MW wind farm, underscores the company’s new hybrid development model. By co-locating solar and wind assets with shared grid infrastructure, Lekela reduces transmission bottlenecks while enhancing load factor utilization. Financially, the company continues to attract investment-grade funding from development finance institutions (DFIs) like the International Finance Corporation (IFC) and the African Development Bank (AfDB), reflecting strong lender confidence in its governance and technical performance.

Lekela’s 2024 sustainability report also indicates that its diversified portfolio contributed over 2,900 GWh of clean electricity generation annually, offsetting an estimated 2.7 million tonnes of CO₂ emissions across its operational countries. Beyond generation, the company’s socioeconomic footprint has expanded through local community development programs valued at over US$10 million, targeting education, enterprise support, and skills training. This focus on sustainability aligns with the increasing requirement from African governments and DFIs for inclusive, high-impact infrastructure investments. Moreover, Lekela’s environmental and social governance (ESG) performance has earned it recognition among the top-rated African IPPs in BloombergNEF’s 2025 Clean Energy Index, strengthening its reputation as both an energy producer and a responsible corporate citizen.

From an analytical perspective, Lekela’s strategy positions it favorably amid intensifying competition from global and regional IPPs such as Globeleq, Scatec, and ACWA Power. Its advantage lies in operational excellence and proven project delivery in complex markets, particularly Egypt and Senegal, which together account for more than half of its installed capacity. However, the company’s challenge remains maintaining margins under tightening power purchase agreement (PPA) tariffs and managing country-specific regulatory risks. The 2024/2025 data suggests Lekela is responding with efficiency gains, digital asset management, and portfolio refinancing to unlock capital for new builds. As of 2025, the firm stands as a model of disciplined, ESG-driven expansion, one that balances profitability with developmental impact, solidifying its position among Africa’s top ten solar and renewable power leaders.

7. Globeleq

Globeleq’s 2024/2025 performance underscores its role as one of Africa’s most established and financially stable independent power producers (IPPs), with a renewable energy portfolio exceeding 2 GW in operation and development across 14 African countries. Backed by CDC Group (now British International Investment) and Norfund, Globeleq has demonstrated consistent growth in utility-scale solar, wind, and gas-to-power assets, leveraging long-term public-private partnerships to support national electrification goals. The company’s 2024 Annual Report highlights an accelerating pivot toward solar and battery energy storage systems (BESS) to stabilize African grids facing variable renewable generation. Its business model, combining ownership, operation, and reinvestment in critical grid assets, has earned it a reputation for reliability and financial prudence among lenders, governments, and development finance institutions (DFIs).

A centerpiece of Globeleq’s 2025 operations is the Red Sands Battery Energy Storage System (BESS) in South Africa’s Northern Cape, a 153 MW / 612 MWh facility described by industry trackers as Africa’s largest grid-connected battery project to date. Announced in partnership with the South African Department of Mineral Resources and Energy under the Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP), Red Sands represents a landmark in the continent’s clean energy transition. Scheduled for completion in late 2025, the project is designed to store excess solar energy during peak daylight hours and release it during evening demand surges, improving grid frequency stability and reducing reliance on diesel peakers. This initiative, alongside Globeleq’s ongoing expansion of its Copperbelt Energy and Malindi Solar (52 MW) plants in Kenya, reflects the company’s strategy to pair renewable generation with storage and grid modernization to enhance system resilience.

Financial data from Globeleq’s 2024 Integrated Report and energy sector analyses indicate robust capitalization, with over US$1 billion committed to renewable projects in sub-Saharan Africa since 2020, and an additional $400 million earmarked for new projects through 2025. The company’s capital recycling model, selling partial equity stakes in operational assets to free up funds for greenfield investments, has enabled steady expansion without over-leveraging. Moreover, Globeleq’s ESG performance remains strong, with 2024 data showing over 1.5 million tonnes of CO₂ emissions avoided and more than $8 million invested in community programs across education, healthcare, and local enterprise development. The company also aligns its operations with the UN Sustainable Development Goals (SDGs), particularly SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Action), reinforcing its credentials as a purpose-driven investor in Africa’s energy transformation.

Analytically, Globeleq’s 2025 trajectory signals an organization in transition from a traditional IPP toward a vertically integrated clean energy platform with embedded storage capability. Its success in mobilizing concessional and blended finance for large-scale renewables offers a model for sustainable infrastructure investment in Africa’s emerging markets. However, future challenges remain in navigating evolving regulatory environments, particularly tariff renegotiations and currency volatility in host countries like Kenya and Mozambique. Despite these risks, Globeleq’s long-term partnerships with DFIs, proven operational track record, and strategic expansion into solar-plus-storage place it among Africa’s most influential renewable energy companies in 2025, one that is not merely generating clean power but actively shaping the continent’s pathway toward a more reliable, decarbonized energy future.

6. Daystar Power

Daystar Power’s performance and expansion trajectory in 2024/2025 firmly establish it as one of West Africa’s leading commercial and industrial (C&I) solar providers. Founded in Nigeria in 2017 and acquired by Shell in 2022, the company has leveraged the oil major’s capital strength and operational expertise to accelerate its regional growth. By 2025, Daystar Power’s installed capacity surpassed 100 MW across Nigeria, Ghana, Côte d’Ivoire, and Togo, according to its 2024 Sustainability and Impact Report. Its core business model, offering solar-as-a-service (SaaS), continues to attract corporate clients seeking to cut energy costs and meet ESG targets without upfront investment. The company’s 2024 data show an average client savings of 25–40% compared to diesel generation, illustrating why its hybrid solar-diesel-battery systems are gaining popularity in energy-intensive industries such as manufacturing, banking, and telecommunications.

The company’s 2024/2025 operational strategy highlights an aggressive scale-up supported by Shell’s Energy Transition division, which views Daystar as a critical component of its African decarbonization agenda. Shell’s financial injection enabled Daystar to expand its project pipeline to over 300 MW under development, with new deployments in Francophone West Africa and the Sahel. Notably, in late 2024, Daystar launched a multi-site 10 MW solar hybrid system for MTN Nigeria, one of the region’s largest telecom energy transition projects, and announced plans to power over 400 bank branches for Ecobank across multiple countries. These projects underscore the rising demand for decentralized, clean, and reliable power in Africa’s private sector. Daystar’s hybrid model, which integrates lithium-ion storage and smart monitoring, not only improves uptime but also mitigates the impact of grid instability and fuel scarcity, both common challenges in the subregion.

From a financial perspective, Daystar Power’s growth has been both steady and sustainable. Its 2024 financial disclosure and Shell’s internal reporting suggest that revenues grew by over 35% year-on-year, driven by long-term power purchase agreements (PPAs) and recurring service contracts. The company’s decision to focus on subscription-based energy services rather than one-time equipment sales has insulated it from short-term market volatility while generating predictable cash flows. Furthermore, Daystar has been successful in mobilizing concessional financing and green loans from institutions such as the International Finance Corporation (IFC) and Norfund, which jointly committed over US$50 million in debt and equity funding for new installations. The company’s ESG reporting also reflects measurable impact, with more than 2.5 billion liters of diesel offset since inception and over 150,000 tonnes of CO₂ emissions avoided as of 2025.

In analytical terms, Daystar Power’s model exemplifies the maturing C&I solar segment in Africa, one that blends innovation, reliability, and financial discipline. Its competitive edge lies in its strong technical integration, proven service delivery, and the credibility derived from Shell’s ownership, which gives it both financing leverage and brand assurance. However, its future growth will depend on scaling efficiently in new regulatory environments and maintaining profitability amid rising component costs and currency depreciation risks. Nonetheless, by 2025, Daystar Power represents the archetype of a successful African energy transition firm: bridging the gap between off-grid solar startups and large IPPs through data-driven, customer-centric clean energy solutions that advance both economic productivity and environmental sustainability across the continent.

5. Arnergy

Arnergy’s 2024/2025 growth marks a significant milestone in Nigeria’s renewable energy landscape, reflecting the company’s transition from a startup to one of Africa’s most dynamic distributed solar power providers. Founded in 2013, Arnergy has focused on delivering solar-plus-storage systems for homes and small to medium-sized enterprises (SMEs), directly addressing Nigeria’s chronic grid instability and high diesel dependency. According to the company’s 2025 investor brief and verified reports from the Africa Solar Industry Association (AFSIA), Arnergy now operates over 15 MW of distributed capacity nationwide, serving more than 10,000 customers. Its solutions, which combine solar generation, lithium-ion batteries, and IoT-enabled energy management, have positioned it as a model for scalable, tech-driven clean energy innovation in West Africa.

In early 2025, Arnergy secured a new US$20 million Series B2 funding round led by Breakthrough Energy Ventures (BEV) and All On, with participation from Norfund and ElectriFI. This injection of capital aims to scale its manufacturing, expand product distribution, and enhance its proprietary energy intelligence platform. The company’s financials indicate a 45% year-on-year revenue growth in 2024, with recurring income from maintenance and monitoring services forming a growing share of its balance sheet. The funding coincided with Nigeria’s ongoing power reforms under the Electricity Act 2023, which decentralized energy generation and distribution, a policy shift that has accelerated private-sector solar investment. Arnergy’s agile response to this evolving regulatory framework underscores its strategic foresight and adaptability, allowing it to capture new market opportunities in Nigeria’s expanding mini-grid and distributed energy sectors.

Operationally, Arnergy’s innovation lies in its integrated product ecosystem. Its flagship product line, Arnergy 5000 and 10000 systems, combines modular solar arrays with advanced lithium-iron-phosphate (LiFePO₄) battery storage and AI-based remote monitoring. This approach allows customers to track usage, optimize energy consumption, and reduce lifetime costs, making it attractive for both residential and commercial clients. Data from the 2024 Nigeria Solar Market Trends Report shows that Arnergy’s customers experience an average 60% reduction in energy costs and 99% uptime reliability, metrics that have made it a preferred partner for SMEs, banks, and hospitality firms. Furthermore, Arnergy’s collaboration with telecom companies and financial institutions in deploying solar for base stations and rural branches highlights its growing influence in hybrid infrastructure electrification — a sector projected to expand by 20% annually through 2027.

From an analytical standpoint, Arnergy’s trajectory mirrors the broader transformation of Africa’s solar market from donor-driven projects to commercially sustainable enterprises. Its strength lies in technological differentiation, customer service, and its strong brand credibility as a Nigerian-owned clean energy company. However, challenges persist, including currency volatility, import dependencies for PV modules and batteries, and high interest rates affecting consumer financing. Nonetheless, with its data-centric operations, strong investor backing, and clear alignment with Nigeria’s energy transition goals, Arnergy stands out in 2025 as a key driver of decentralized electrification. It not only delivers reliable solar power to businesses and households but also exemplifies how indigenous innovation can bridge the gap between energy poverty and economic resilience in sub-Saharan Africa.

4. Sun King

Sun King’s 2024/2025 trajectory cements its position as the dominant off-grid solar player in Africa, driven by a scalable product-finance model and expanding local currency funding arrangements. The company’s recent Allocation and Impact Report and press releases show it closing multiple large financing transactions, including an $80 million Naira-denominated facility with IFC and Stanbic IBTC to scale operations in Nigeria and a series of earlier securitisations and bond facilities used to buy down customer finance costs, moves that materially increase its ability to reach lower-income, cash-constrained households without exposing the business to excessive FX mismatch. Those financing breakthroughs are important because they convert the PAYGo balance-sheet challenge (high receivables from small instalments) into bankable portfolios, enabling mass distribution while preserving margins.

Operationally, Sun King’s 2024 data and subsequent 2025 announcements indicate continued acceleration in unit volumes and geographic depth, particularly across East and West Africa. Publicly reported securitisations and corporate updates show the company moving product at scale, with multi-million unit delivery ambitions in markets such as Kenya and Nigeria, and leveraging a mix of solar home systems, appliances and pay-as-you-go smartphones to broaden revenue per customer. This product diversification increases lifetime customer value and lowers churn by embedding Sun King products into daily economic life, while the company’s investments in last-mile distribution and digital collections infrastructure keep unit economics competitive even in remote areas.

Impact and ESG metrics back the commercial story: Sun King’s reporting ties financing use to measurable outcomes, energy access, fuel substitution and household savings, and shows alignment with major development goals that attract concessional capital. Allocation reports and impact disclosures from 2024/2025 demonstrate the company’s ability to quantify results (e.g., products deployed, CO₂ avoided, and households reached) and to report on how debt proceeds are allocated to eligible green assets. This transparent impact accounting has a twofold benefit: it lowers the cost of capital by widening the investor base to include development and sustainability-focused lenders, and it strengthens regulatory and partner relations in markets where local content, job creation and community programs matter to procurement and licensing decisions.

Risks and competitive pressures are real but manageable if Sun King sustains its financing innovation and operational discipline. Key near-term risks include macroeconomic volatility (local currency depreciation that can squeeze unit margins if not fully Naira-denominated), second-order competitive erosion from low-cost Chinese imports or aggressive local players, and portfolio credit quality pressures if collections falter under tougher economic conditions. That said, Sun King’s 2024/2025 strategy, combining local-currency debt, securitisation of receivables, product diversification and ongoing investments in field operations and digital payments, creates a resilient business model that can both defend market share and continue expanding access at scale across Africa. For investors and partners focused on both impact and returns, Sun King in 2025 remains the sector benchmark for how PAYGo solar can be financed and scaled sustainably.

3. Bboxx

Bboxx entered 2024/2025 as one of the most ambitious “super-platforms” in off-grid solar, a business that blends product manufacture, distribution, and embedded finance at scale. Public company materials and impact disclosures show the firm claiming multi-million customer reach (Bboxx reports having positively impacted roughly 3.6 million people) and an explicit growth target to multiply that footprint using new capital and data-driven distribution. Those scale metrics are central to Bboxx’s market story: unit volumes and customer acquisition economics (not one-off project wins) determine its valuation and ability to securitise receivables.

At the core of Bboxx’s model is product + digital services: solar home systems, PAYGo payments, last-mile logistics and higher-value appliances including smartphones and e-mobility products. This product stack is deliberately designed to increase lifetime revenue per customer and reduce churn by embedding Bboxx devices in everyday economic activity, a strategy reflected in its Connected Communities and Orange partnership announcements in the DRC and other country programmes. Co-packaging energy with connectivity (via telco partnerships) and finance is what differentiates Bboxx from basic SHS suppliers and is the reason DFIs and strategic investors have supported its expansion into Nigeria and the DRC.

Financing innovation has been both the engine and the constraint for Bboxx in 2024–25. The company secured transformational capital, including a headline $100m investment that has been reported as enabling rapid expansion, and in 2025 Bboxx Nigeria reportedly gained access to World Bank-backed funds aimed at scaling solar access. Those inflows are critical because Bboxx’s balance sheet carries long-dated receivables from PAYGo customers; converting those receivables into bankable portfolios (through securitisation or receivables financing) materially lowers cost of capital and enables aggressive roll-out. Industry analysis shows receivables financing is now a sectoral game-changer, without it, growth ambitions are often capital-constrained.

From an analyst’s perspective the upside is clear but so are the execution risks. Bboxx’s scaling relies on maintaining strong collections, efficient field operations, and prudent currency and receivables management in volatile markets; Q3–Q4 2024 investor updates signalled the need for lender support and working-capital relief in some jurisdictions, reminding stakeholders that growth spurts can strain liquidity if receivables underperform. Competitive pressures (cheaper imports, local PAYGo entrants) and macro risks (FX depreciation, rising component costs) will test unit economics even as new capital and telco partnerships expand addressable markets. In short, Bboxx in 2025 looks like a well-positioned, capital-intensive growth platform: high upside if management sustains collection performance and financing innovation, but conditional on disciplined execution across Africa’s most challenging last-mile markets.

2. M-KOPA

M-KOPA’s 2024/2025 performance cements the company as the continent’s preeminent asset-financing platform for productive-use technologies, with verifiable scale metrics that matter to investors and policymakers. By late 2024 M-KOPA reported reaching 5 million customers, and by mid-2025 the company publicly disclosed having served over 7 million customers and unlocked about US$2 billion in credit to date, metrics that demonstrate both rapid customer acquisition and meaningful financial intermediation for underserved populations. Those headline numbers are supported by the company’s 2024 Impact Report and successive newsroom updates, and they are matched by strong revenue momentum: independent reporting and company statements place M-KOPA on a trajectory toward several hundred million dollars in annual recurring revenue as it monetises services beyond hardware.

A core reason M-KOPA’s model scales is product and revenue diversification. What began as pay-as-you-go (PAYGo) solar has broadened into financed smartphones, e-bikes, small appliances, and embedded digital financial services, a “first product financial relationship” flywheel that raises lifetime value and reduces single-product dependency. The company’s vertical moves (including local smartphone assembly partnerships and nascent e-mobility offerings) are explicitly designed to create higher-margin upgrade paths and generate repeat transaction flows that convert one-time customers into long-term users of credit, insurance and payment rails. These strategic extensions both deepen customer engagement and create cross-sell opportunities that are visible in M-KOPA’s impact and newsroom disclosures.

On the capital and risk management front, M-KOPA has combined sizeable debt facilities and equity injections to fund receivables-heavy growth while pioneering securitisation and lender relationships that reduce financing costs. Reporting from 2024 shows the company raising large debt packages and attracting institutional partners (including development finance and commercial banks) to convert long-dated PAYGo receivables into bankable portfolios; by converting customer instalments into funded assets, M-KOPA lowers its weighted cost of capital and accelerates roll-out. Independent coverage also notes a pathway to profitability in core markets, with several market disclosures indicating strong year-on-year revenue growth and improving unit economics, important signals for investors watching asset quality and leverage metrics.

From an analytical vantage point the upside is material but not unconditional. M-KOPA’s scale affords powerful advantages, distribution breadth, data on repayment behaviour, and cross-sell reach, yet the model is sensitive to macro and operational risks: currency depreciation in local markets, component supply and cost pressures, and receivables performance under economic stress all erode margins if not actively hedged and managed. Regulatory risk (e.g., consumer finance rules, import tariffs, or telecom partnerships) can also affect unit economics where M-KOPA bundles connectivity and payments. That said, the company’s 2024/2025 results, capital mobilisation, and product diversification create a compelling case that M-KOPA has moved beyond a single-product PAYGo startup into a pan-African asset-financing fintech with the balance-sheet tools, data intelligence, and commercial partnerships needed to sustain growth, provided it continues to execute on collections, local currency financing, and cost control.

1. d.light

d.light’s 2024/2025 performance underscores its continued leadership in the off-grid solar sector, particularly across East, West, and Central Africa. According to the company’s 2024 Annual Impact and Financial Report, d.light reached over 40 million users cumulatively, with nearly 10 million households served in the preceding two years alone, reflecting both geographic expansion and deepened penetration in rural and peri-urban markets. Record revenues reported in 2024 were supported by both volume growth in solar home systems (SHS) and higher-margin appliance sales, demonstrating that d.light’s business model, combining PAYGo financing with durable, modular products remains highly scalable and resilient despite macroeconomic headwinds such as currency volatility and inflation in target markets.

A cornerstone of d.light’s expansion strategy has been securing substantial financing to underwrite receivables and scale operations. Between 2024 and 2025, the company closed multiple funding rounds, collectively exceeding $300 million, including participation from IFC, Shell Foundation, and private equity investors, specifically targeting growth in Nigeria, Kenya, and the DRC. These funds have enabled the company to deploy large-scale PAYGo systems, extend credit for solar appliances, and expand digital monitoring platforms that enhance repayment rates and customer retention. By combining robust capital access with data-driven portfolio management, d.light has strengthened its ability to reach previously underserved households while maintaining financial discipline across diverse regulatory environments.

Operationally, d.light’s 2024/2025 reporting highlights significant innovation in both product and service delivery. The company has expanded its range of solar home systems with integrated batteries, LED lighting, and appliance bundles, designed to meet both household and microenterprise energy needs. Digital platforms and mobile-based payments continue to play a key role in mitigating credit risk and facilitating scalable distribution, particularly in rural regions where cash flow constraints have traditionally limited adoption. In addition, impact reporting indicates measurable social and environmental benefits, including the avoidance of over 3 million tonnes of CO₂ emissions and substantial reductions in household expenditures on kerosene and diesel, reinforcing the dual commercial and developmental rationale for d.light’s expansion.

From an analytical perspective, d.light’s competitive position remains strong but not without challenges. Its scale and brand recognition provide substantial barriers to entry for smaller competitors, while its PAYGo infrastructure and receivables financing model enable rapid replication across new African markets. However, risks include foreign exchange exposure, rising solar component costs, and potential regulatory changes in consumer finance frameworks. Overall, the 2024/2025 data indicate that d.light is not only sustaining market leadership but also refining a model that balances social impact with commercial viability, positioning the company as a benchmark for off-grid solar deployment in Africa and a critical driver of energy access, financial inclusion, and climate mitigation in the coming decade.

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