Miale Solar Inventions, a Swedish-Kenyan renewable energy company, has secured a EUR 5 million loan from Hivos-Triodos Fonds, an impact-investment fund managed by Triodos Investment Management. The deal was brokered by Trine, a Sweden-based crowdfunding platform.
The financing will enable Miale Solar to deploy an additional 9 MW of solar power through rooftop and ground-mounted systems in Kenya within 6 to 12 months. The loan also strengthens the company's ability to fund Power Purchase Agreement (PPA) and lease-to-own projects, which allow Kenyan clients to install solar power without upfront capital outlay.
According to Eric Mwenda, Chief Financial Officer at Miale Solar, the partnership combines the company's experience in the East African renewable energy market with the financial expertise of Hivos-Triodos Fonds.
"We consider Triodos to have a proven track record in sustainable finance and impact investing in the renewable energy sector. This partnership is strategic to our goal of scaling our impact by accessing the resources needed to fully realize our project pipeline, particularly in the healthcare sector," said Mwenda. He added that the timely availability of capital is crucial to the company's Energy-as-a-Service (EaaS), PPA, and lease-to-own business models, which allow Miale Solar to finance, construct, and maintain solar PV systems while customers make regular payments under long-term contracts.
Mwenda noted that the financing arrangement enhances the company's capacity to meet emerging opportunities. "Speed is often a deciding factor in the solar energy value chain. When a client approaches us to own and operate a solar PV system, we must mobilize the necessary capital to meet their demand. Institutional credit lines allow us to operate more efficiently while reducing our dependence on ad hoc financing for individual projects," he said.
Miale Solar identifies healthcare as a key sector due to the significant role solar PV systems can play in supporting medical facilities' operations and reducing costs associated with traditional electricity. Healthcare facilities require electricity for critical functions such as operating medical equipment, powering laboratories and air-conditioning, and maintaining uninterrupted supply to intensive care units.
The sector also faces pressure to acquire new equipment and expand services despite limited financial resources. Miale Solar aims to help healthcare clients reduce exposure to unreliable and expensive grid electricity and adopt more sustainable, cost-effective solutions. Where appropriate, the company can integrate battery energy storage into its solar PV systems to provide more reliable electricity supply.
"Healthcare facilities cannot afford to have their electricity supply disrupted since the consequences of power outages can be fatal. Furthermore, these facilities face mounting pressure to acquire new medical equipment and offer a variety of services to treat more patients, even as they operate on limited budgets. By helping healthcare facilities reduce their electricity costs and making electricity more reliable through well-designed solar PV and battery storage systems, we will have met our mandate of supporting the achievement of the United Nations Sustainable Development Goals," said Mwenda.
Instead of requiring healthcare clients to bear the initial costs of owning solar PV systems, Miale Solar can use the financing to support eligible clients with long-term contracts. As the company scales its operations, it expects to support healthcare facilities in adopting solar energy solutions that are affordable, reliable, and have minimal environmental impact.
Triodos Bank has an established track record in sustainable banking, and Triodos Investment Management manages funds that channel financing to enterprises and projects generating measurable social and environmental benefits. In 2025, Triodos Bank reported EUR 1.1 billion in new business lending across its five transition themes, while Triodos Investment Management reported that its climate and energy funds had financed 186 energy-sector projects during the year.
For Miale Solar, the impact of the financing is expected to be realized through more commercial and industrial solar installations, enabling more Kenyan businesses and institutions to access clean energy. Mwenda sees the partnership as an enabler for the growth of institutional capital in Kenya's clean-energy market, where the availability of financing can determine whether a project is viable or struggles to get off the ground.
