Last updated November 10,  2013


Partner Description:


PowerGen is a Nairobi-based renewable energy enterprise that aims to improve access to electricity in rural regions of Kenya by providing underserved and isolated communities with power through micro-grid systems. PowerGen seeks not only to reduce dependence on inefficient, expensive and harmful forms of energy (e.g. kerosene) but also to unlock the potential contained within these communities by supplying them with enough power to drive forward economic growth.


Founded in 2013, PowerGen is a partner company to WindGen, a wind turbine manufacturer incorporated in 2011. Upon realizing that the East African market held  less demand for wind turbines than originally anticipated, WindGen created PowerGen to expand into other sources of renewable energy.


Since its inception, PowerGen has created 43 new power systems (e.g. solar), impacting close to 3,600 individuals across East Africa and helping to improve living conditions within homes, schools, orphanages, and health clinics.
 



PowerGen’s primary product is the micro-grid, an array of solar panels and batteries wired to houses within a community that provides households with power comparable to the national grid. Each micro-grid is controlled by a mobile-enabled meter that calculates monthly consumption and allows bill payment via mobile-money platforms.


PowerGen currently operates two micro-grids: one on Remba Island in Lake Victoria, Kenya, and one in the village of Sinda, in the Eastern Province Zambia.



A unique lending approach:


By partnering with Kiva, PowerGen will be able to provide micro-grids to underserved communities on credit, thereby vastly increasing the organization’s impact. Without Kiva funding, micro-grids would remain limited to households able to cover the full installation costs up-front.


Kiva lenders’ funds will be used to provide in-kind micro-grid loans to groups of borrowers with affordable interest rates and manageable loan terms.  Current loan terms vary between 2 and 7.5 years, with a flexible repayment schedule and interest rates between 5 and 10%. Once the loan is fully repaid, the grid will become the property of the community, and rates will be reduced to cover only the metering cost and ongoing maintenance.


In an effort to ensure sustainable and holistic development, prior to disbursing the loan PowerGen evaluates the community’s current power consumption and income generating activities, as well as the borrowers’ households’ status and commitment to the community.


http://vimeo.com/71014802

 



Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Dec 26, 2013 Oct 12, 2005
Total Loans $46,400 $596,456,075
Amount of raised Inactive loans $0 $749,875
Number of raised Inactive loans 0 614
Amount of Paying Back Loans $46,400 $119,690,425
Number of Paying Back Loans 4 127,535
Amount of Ended Loans $0 $476,015,775
Number of Ended Loans 0 603,926
Delinquency Rate 0.00% 3.74%
Amount in Arrears $0 $2,923,153
Outstanding Portfolio $45,994 $78,164,901
Number of loanDelinquent 0 10,814
Default Rate 0.00% 1.12%
Amount of Ended Loans Defaulted $0 $5,345,655
Amount of Ended Loans $0 $476,015,775
Number of Ended Loans Defaulted 0 16,811
Currency Exchange Loss Rate 0.00% 0.09%
Amount of Currency Exchange Loss $0 $538,749
Refund Rate 0.00% 0.76%
Amount of Refunded Loans $0 $4,537,625
Number of Refunded Loans 0 5,064

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 50.00% 74.20%
Average Loan Size $1,785 $418
Average Individual Loan Size $9,800 $656
Average Group Loan Size $12,200 $1,829
Average number of borrowers per group 8.3 8
Average GDP per capita (PPP) in local country $1,800 $3,427
Average Loan Size / GDP per capita (PPP) 99.15% 12.20%
Average Time to Fund a Loan 8 days 5.64 days
Average Dollars Raised Per Day Per Loan $222.97 $74.12
  Average Loan Term 85.5 months 10.37 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 3 297,569
  Journaling Rate 0.00% 42.38%
  Average Number of Comments Per Journal 0.00 0.08
  Average Number of Recommendations Per Journal 0.00 1.86

Borrowing Cost Comparison (based on 2009 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower N/A 36.00% PY 33.26% PY
  Profitability (return on assets) N/A 0.5% -1.45%
  Average Loan Size (% of per capita income) N/A 56.00% 40.88%

Country Fast Facts

Field Partner Staff

Philip Koretz
Eve Meyer
Elizabeth O'Grady
Sam Slaughter
Alastair Smith