710.30USDC

2.03 % de 35,000 USDC

Note de risqueBBB

Intérêt annuel22.80 %

Durée11 mois

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Equipment for four signed solar contracts

The €700k facility buys PV modules, inverters and battery storage for four signed EPC contracts worth €1.46M and covers installation working capital. Each tranche can be repaid early as its client settles.

710.30USDC

2.03 % de 35,000 USDC

Note de risque : BBB11 mois22.80 %

Zhekou Investment Limited est un intégrateur solaire kényan d'EPC (ingénierie, approvisionnement et construction) axé sur les clients commerciaux et industriels (C&I). L'entreprise fournit des solutions photovoltaïques clés en main et des systèmes hybrides de stockage d'énergie photovoltaïque plus batterie (PV + BESS). Elle gère l'ensemble du cycle de livraison — de l'évaluation du site, du profilage de charge et de la conception technique à la préparation des listes de quantités, la coordination des achats, la gestion de projet, la mise en service et le support de garantie. L'installation physique et les travaux électriques réglementés sont réalisés par des sous-traitants agréés par l'Autorité de régulation de l'énergie et du pétrole (EPRA), tandis que Zhekou conserve la responsabilité contractuelle de la qualité, de la discipline des délais, de la conformité en matière de santé et de sécurité, et du service après-installation.

Modèle opérationnel allégé en actifs : l'ingénierie de base, la coordination des achats et la gouvernance des projets sont gérées en interne, la capacité d'installation étant étendue via des partenaires.
Portée géographique : les opérations sont concentrées dans les principaux pôles commerciaux du Kenya — Nairobi, Mombasa, Nakuru et Kisumu.

Leadership et gestion

L'entreprise est dirigée par sa fondatrice. La Directrice Générale, Celine Adhiambo Okelo, qui détient 100 % du capital social, possède une formation en ingénierie et de l'expérience dans le secteur solaire EPC au Kenya. Son approche de gestion met l'accent sur l'intégrité de la conception, des achats disciplinés et un contrôle rigoureux de l'exécution sur site comme leviers de fiabilité de livraison et de maîtrise des risques.

La prise de décision est actuellement centralisée sous un seul dirigeant, ce qui soutient la cohérence stratégique tout en soulignant l'importance de la planification de la succession.

Ventes et acquisition de clients

Zhekou s'engage directement avec les clients par le biais de la qualification technique, d'une approche axée sur les relations et d'une concentration sectorielle. L'entreprise dessert trois segments de clientèle B2B et adapte ses propositions en fonction de l'analyse de charge et des conditions du site.

PME / commerce de détail : petites entreprises commerciales et détaillants recherchant une réduction des coûts énergétiques sur site.
Commercial et institutionnel : bureaux, écoles et institutions nécessitant une alimentation électrique diurne fiable.
Industriel et grand commercial : fabricants et grands utilisateurs commerciaux avec des charges énergétiques élevées et des besoins de fiabilité.

La taille typique des projets varie de 30 kW à 100 kW, avec des projets plus importants sélectionnés. L'acquisition de clients repose sur des relations directes, des engagements répétés et des références de la base de clients installée.

Portefeuille de produits et services

L'entreprise conçoit et fournit des systèmes photovoltaïques connectés au réseau et des solutions hybrides PV + BESS utilisant des composants de premier plan de fabricants tels que JA Solar, LONGi, JinkoSolar et Trina pour les modules ; Huawei, SMA, Fronius, Growatt et Victron pour les onduleurs ; et CATL et Gotion pour les systèmes de batteries. Les services comprennent les études de site, le profilage de charge, l'ingénierie et la conception, la préparation des listes de quantités, l'élaboration du budget et du calendrier, la coordination des achats, la gestion de projet sur site, la mise en service et le support de garantie et post-garantie.

Systèmes PV connectés au réseau : conçus pour compenser la consommation d'électricité diurne avec la production solaire sur site.
Systèmes hybrides PV + BESS : solutions intégrées de stockage photovoltaïque et de batterie qui offrent fiabilité et gestion de charge.
Livraison clé en main : gestion de projet complète, de l'évaluation du site à la mise en service et à la garantie.

Clients clés et exemples de marché

Les installations réalisées démontrent une expertise dans diverses applications C&I. Par secteur, la clientèle comprend :

Fabrication de produits plastiques et polymères – Clients A et D (y compris la production d'emballages, Nairobi).
Transformation de boissons et de fruits – Client B.
Meunerie et agroalimentaire – Client C.

Résumé

Zhekou combine un rôle défini d'intégrateur EPC — responsabilité contractuelle en matière d'ingénierie, de coordination des achats, de gouvernance de livraison et d'obligations de garantie — avec une structure allégée en actifs qui limite les frais généraux fixes et étend l'installation via des sous-traitants agréés par l'EPRA. Les opérations dans quatre centres commerciaux et trois segments B2B, ainsi que les relations d'approvisionnement couvrant les fabricants de modules, d'onduleurs et de batteries de premier niveau, réduisent la dépendance à l'égard d'un seul marché ou fournisseur. Les principales contraintes sont liées à la concentration : le contrôle stratégique et opérationnel réside chez le PDG, la qualité de l'installation et la performance des délais dépendent de partenaires externes tandis que la responsabilité client reste celle de l'entreprise, et les marges des projets sont sensibles aux prix des équipements, à la variabilité logistique et aux mouvements de devises.

Garantie du prêt

La facilité est garantie par une combinaison d'actifs immobilisés existants, d'équipements de projet nouvellement acquis et d'une garantie dynamique provenant des flux de trésorerie sous contrat. Une décote conservatrice de 30 % est appliquée aux actifs physiques pour estimer les valeurs de liquidation. Cette structure étagée est conçue pour couvrir entièrement le principal du prêt et protéger la position du prêteur.

Garantie des actifs immobilisés existants

Les actifs déjà détenus par l'entreprise sont mis en gage en garantie. Les valeurs comptables et les valeurs décotées sont présentées ci-dessous.

Catégorie d'actif	Valeur (EUR)
Véhicules	90 130
Équipements d'installation et de test	85 000
Équipements informatiques	35 000
Équipements d'entrepôt	30 000
Mobilier et agencements de bureau	20 000
Total des actifs opérationnels existants (PPE)	260 130
Valeur décotée (–30 %)	182 091

Garantie des équipements financés

Les équipements acquis pour les quatre projets sont également mis en gage. Le gage couvre l'ensemble du package d'équipements de 787 540 EUR, y compris la partie financée par les avances des clients (78 754 EUR), le titre de propriété de l'équipement restant à la société jusqu'au règlement final. La valeur d'achat et la valeur décotée sont présentées ci-dessous.

Composante de la garantie	Valeur d'achat (EUR)	Valeur décotée (–30 %) (EUR)
Équipement de projet dans le cadre des quatre contrats EPC	787 540	551 278
Total des nouveaux équipements décotés	—	551 278

En vertu des contrats EPC, la propriété des équipements de projet n'est transférée au client qu'après le règlement final. Jusqu'à réception du paiement final, les équipements restent la propriété de la société et font partie du gage. À mesure que les projets sont achevés, la couche de garantie n'est pas libérée mais remplacée par les paiements entrants du client, qui constituent la principale source de remboursement de la dette.

Sécurité dynamique et ratio de couverture

En plus des actifs physiques, une sécurité dynamique est fournie par les flux de trésorerie provenant des contrats signés. Les quatre projets ont une valeur combinée de 1 463 194 EUR, ce qui dépasse l'obligation de remboursement totale (principal plus intérêts) de 858 666,67 EUR.

La valeur totale actualisée des actifs mis en gage — PPE existants et équipements de projet — est de 733 369 EUR, ce qui se traduit par un ratio garantie/prêt d'environ 104,8 % (LTV 0,95), qui garantit entièrement le principal du prêt selon des hypothèses d'évaluation conservatrices.

Conclusion

Le paquet de garanties combine des véhicules, des équipements d'installation et de test, des équipements informatiques et d'entrepôt, des équipements de bureau et des équipements PV et BESS nouvellement acquis. Ces actifs ont des marchés secondaires actifs et conservent des valeurs de revente stables. Couplée à des flux de trésorerie garantis par contrat qui dépassent l'obligation de remboursement totale, la structure de garantie offre une couverture liquide pour le prêteur, et la diversification des garanties entre les catégories d'actifs soutient une évaluation positive des risques pour la facilité.

Zhekou Investment Limited a été fondée3 sept. 2018

Début du travail/production actif1 oct. 2018

Objectif min17,500 USDC

Investisseurs2

Paiements d'intérêtsmensuel

Remboursements de capitalin fine

Paiements totaux11 mois

Détails

Financial Performance

Between 2023 and 2025 the company recorded steady revenue growth and maintained positive profitability at all levels. Revenue increased from EUR 2,316,495 in 2023 to EUR 2,846,159 in 2024 (+22.9%) and EUR 3,129,593 in 2025 (+10.0%). Gross profit grew from EUR 360,058 to EUR 446,612 over the period, while net profit rose from EUR 91,869 to EUR 132,392. The gross margin declined in 2024 as equipment costs rose, then improved in 2025 as procurement efficiency increased. Net margin moved from ~4.0% in 2023 to ~4.2% in 2025.

Key financial indicators

Indicator	2023 (EUR)	2024 (EUR)	2025 (EUR)
Revenue	2,316,495	2,846,159	3,129,593
Total COGS	1,956,437	2,453,360	2,682,981
Gross Profit	360,058	392,799	446,612
Total OPEX	216,570	227,897	235,528
D&A	12,247	15,067	21,953
EBITDA	143,488	164,902	211,084
EBIT	131,241	149,835	189,131
Interest	0	0	0
Net Profit	91,869	104,885	132,392

Revenue and profitability analysis

Revenue increased in each year of the period. Growth accelerated in 2024 and slowed in 2025; however, profitability increased faster than revenue in 2025, indicating improved execution economics. Net margin declined in 2024 due to gross margin compression but recovered in 2025.

Cost and efficiency drivers

Cost of goods sold (COGS) is dominated by equipment procurement, reflecting the equipment-intensive nature of EPC projects. Installation and licensed subcontractor costs scale with project volume. Operating expenses remained controlled, with payroll, rent, transport, professional services and other categories rising modestly.

Financial resilience and sensitivities

The financial profile combines steady growth with consistent profitability. Revenue rose in each year of 2023–2025, all profitability levels remained positive, and operating expenses grew more slowly than revenue, improving operating leverage. No interest expense was recorded during the period, reflecting conservative financing and advance payment arrangements. The main sensitivities sit in the margin structure: net margins of ~4% leave a limited buffer against adverse cost movements, gross margin is exposed to equipment pricing, logistics costs and currency fluctuations, and revenue and cash inflows depend on the timing of contract execution and milestone acceptance in an equipment-intensive cost structure.

Growth Plan of Zhekou Investment Limited

The company’s growth strategy is to move upmarket within the C&I segment by increasing project scale and technical complexity, emphasising hybrid PV + BESS solutions and targeting larger industrial and commercial clients. It intends to maintain the asset-light EPC-integrator model while strengthening internal capabilities.

Expand the share of industrial and large commercial projects to improve margins and scale.
Increase the proportion of hybrid PV + battery projects relative to PV-only installations.
Maintain an asset-light approach by partnering with licensed subcontractors for installation and commissioning.
Strengthen internal engineering, project management and financial control functions to support higher project complexity.

Expansion initiatives

To implement the strategic vision, Zhekou will invest in additional human resources and organisational capacity:

Role	Change	Intended effect
Project Engineer / Project Manager	1.0 FTE	Increased delivery throughput; schedule, subcontractor and quality control; reduction of rework and margin leakage
Finance Coordinator	0.5 FTE → 1.0 FTE	Strengthened cash-cycle control (advances, milestones, reconciliations); reduced cash gaps under higher procurement volume
Lead Electrical / Design Engineer	1.0 FTE	Increased design and commissioning capacity and technical validation; reduced risk of design errors and non-compliance; support for PV + BESS expansion

Projected financial impact

Management forecasts measured growth following these initiatives. Revenue is projected to increase from EUR 3,129,593 in 2025 to EUR 3,488,271 in 2026 and EUR 4,026,805 in 2027. Gross profit and margins are expected to improve as the project mix shifts toward higher-value hybrid PV + BESS systems, with the gross margin rising from 14.3% in 2025 to 16.3% in 2026 and 17.8% in 2027. 2026 is a transition year: with interest expense incurred from September and operating expenses scaled up ahead of growth, net profit temporarily declines to EUR 123,992 (net margin 3.6%), before recovering to EUR 163,317 in 2027, with the net margin reaching ~4.1% on a larger revenue base.

Indicator	2025 (A)	2026 (A) Jan–Aug	2026 (F) Sep–Dec	2026 (F) FY	2027 (F)
Revenue, EUR	3,129,593	2,138,555	1,349,716	3,488,271	4,026,805
Gross Profit, EUR	446,612	316,506	253,292	569,798	714,758
Gross Margin	14.3%	14.8%	18.8%	16.3%	17.8%
EBIT, EUR	189,131	141,468	75,330	216,798	352,310
Net Profit, EUR	132,392	99,028	24,964	123,992	163,317
Net Margin	4.2%	4.6%	1.8%	3.6%	4.1%

Operational impact and client pipeline

The growth plan is anchored in a pipeline of four signed EPC contracts worth EUR 1,463,194 and additional letters of intent. These projects demonstrate demand from larger industrial and commercial customers and provide a revenue base for expansion.

Client	Contract value (EUR)
Client A	351,718
Client B	306,696
Client C	371,963
Client D	432,817
Total (4 projects)	1,463,194

Contracts cover installations for manufacturers and processors requiring on-site PV + BESS solutions.
Project scope includes PV modules, string inverters, battery inverters, battery energy storage, hybrid controllers and ancillary equipment.
Letters of intent from additional clients indicate an expanding pipeline beyond the four signed contracts.

Financing and implementation

Execution of the growth plan relies on a EUR 700,000 facility structured in four tranches. The financing bridges working-capital requirements between equipment procurement and milestone receipts. The tranches are drawn concurrently in September 2026, when procurement under all four contracts begins, and interest payments are integrated into the financial forecasts.

The equipment tranches are aligned with the procurement schedules of the signed contracts, complemented by a dedicated working-capital tranche; each tranche can be repaid independently upon receipt of the corresponding client settlements.
Client payment terms vary by contract and project scope, combining upfront advances with milestone-based settlements tied to delivery, installation and commissioning stages; advances and interim milestone inflows reduce the financed portion of procurement.
Cash-flow management and monitoring are intended to keep debt service aligned with project inflows.

Description of the Loan

Zhekou Investment Limited requests a EUR 700,000 facility to finance procurement and delivery of PV modules, inverters, battery energy storage systems, controllers and ancillary equipment, together with associated working capital, required to execute four signed EPC contracts worth EUR 1,463,194. The facility is dedicated to the delivery of the signed contracts and does not fund speculative initiatives.

Total loan amount: EUR 700,000, structured as four tranches.
Objective: finance equipment procurement for four confirmed contracts and bridge working-capital needs.
Aligned with contract values: signed contracts provide visibility on revenue generation directly linked to the financed assets.

Planned asset acquisition

Loan proceeds will be used to procure a comprehensive package of equipment across four projects. Equipment categories and aggregated cost estimates are summarised below.

Client A — equipment procurement (PV plus hybrid integration)

Item	Cost (EUR)
PV modules Mono 550W	36,036
PV string inverters 50 kW AC	48,000
PCS / battery inverter bi-directional 150 kW	27,000
BESS LFP 200 kWh incl. racks + BMS	38,000
EMS / hybrid controller (PV + BESS + Grid + DG)	15,000
Bi-directional meter + CT (zero-export)	5,000
DG synchronisation / ATS panel	8,000
Spare critical parts kit	5,000
Total equipment (net)	182,036

Client B — equipment procurement

Item	Cost (EUR)
PV modules Mono 550W	30,030
PV string inverters 50 kW AC	40,000
PCS / battery inverter bi-directional 125 kW	23,000
BESS LFP 200 kWh incl. racks + BMS	38,000
EMS / hybrid controller (PV + BESS + Grid + DG)	15,000
Bi-directional meter + CT (zero-export)	5,000
DG synchronisation / ATS panel	8,000
Total equipment (net)	159,030

Client C — equipment procurement

Item	Cost (EUR)
PV modules Mono 550W	24,024
PV string inverters 50 kW AC	32,000
PCS / battery inverter bi-directional 150 kW	27,000
BESS LFP 400 kWh incl. racks + BMS	76,000
EMS / hybrid controller (PV + BESS + Grid + DG)	15,000
Bi-directional meter + CT (zero-export)	5,000
DG synchronisation / ATS panel	8,000
Total equipment (net)	187,024

Client D — equipment procurement (250 kWp PV plus 500 kWh BESS)

Item	Cost (EUR)
PV modules Tier-1 Mono 550W	34,125
PV string inverter 50 kW AC	43,245
PCS / battery inverter bi-directional 250 kW	51,210
BESS LFP 500 kWh incl. racks + BMS	108,110
EMS / hybrid controller (PV + BESS + Grid)	17,070
Bi-directional meter + CT (industrial)	5,690
Total equipment (net)	259,450

The aggregated cost of principal equipment across the four projects, at net supplier quotations, is approximately EUR 787,540. Equipment procurement net of 10% client advances (EUR 78,754) amounts to EUR 708,786, of which EUR 590,000 is financed by Tranches 1–3, with the balance covered by the working-capital tranche, interim milestone receipts under the signed contracts and the company's own resources. Procurement is supported by validated supplier quotations for PV modules, inverters, power-conditioning systems, battery storage and control equipment. Subcontractor installation works of EUR 104,000 across the four projects are funded from the dedicated working-capital tranche and interim milestone receipts rather than from the equipment tranches. Equipment and installation works do not represent the full direct cost of the contracts: total project costs additionally include balance-of-system materials (mounting structures, cabling and protection equipment), delivery, import and logistics charges, engineering, project management, commissioning and warranty provisions, consistent with the gross margins presented in the financial forecasts.

Repayment structure and schedule

The loan is disbursed in four tranches with a 11-month term for each tranche. Interest accrues at 22.8% per annum and is payable monthly, while the principal is repaid in full at the end of each tranche. Tranches 1–3 (EUR 590,000) finance equipment procurement across the four signed contracts, while Tranche 4 (EUR 110,000) covers working capital across the four projects, including subcontractor installation works. Interest costs are included in the financial forecasts, with the facility’s total repayment schedule presented below.

The company retains the right to repay any tranche ahead of schedule, upon receipt of the corresponding client settlements, without prepayment penalties. The financial forecasts conservatively assume full 11-month utilisation of each tranche; early repayment would reduce the total interest cost below the scheduled

Justification and cash-flow impact

The structure of monthly interest payments and bullet principal is designed to preserve working capital during equipment-intensive project phases. By aligning debt service with milestone payments, the company avoids liquidity strain and ensures that loan capital is applied to revenue-generating assets. The tranche structure mirrors the four procurement packages and allows each tranche to be retired independently as the corresponding contract settles, while client advances reduce the financed volume. The repayment profile has been integrated into the financial model, providing visibility over debt service obligations and mitigating the risk of understating borrowing costs.

Monthly interest plus bullet principal aligns repayments with project milestones and cash inflows.
Per-tranche early repayment without penalties allows debt to be retired as individual contracts settle.
The loan supports delivery of signed contracts and is not used for unconfirmed projects or speculative expansion.

Évaluation des risques

Score de risque totalBBB

Dette sur capitaux propres2.12

LTV95%

Historique de crédit8 / 10

Type de garantieÉquipement de l'entreprise

Rating BBB (the fourth tier) reflects a profitable, growing business with thin margins. Revenue has risen every year since 2023, every profitability line is positive, and no interest expense was recorded in 2023–2025.

D/E (Debt-to-equity) of 2.12 is moderate;
LTV of 95% means pledged assets, after a 30% discount, cover ~104.8% of the €700k facility;
Credit history score of 8/10.

Keep in mind:

net margins of ~4% leave a limited buffer against equipment prices, logistics costs and currency moves;
strategic and operational control sits with one founder-CEO;
installation quality depends on subcontractors while client accountability stays with the company;
cash inflows depend on milestone acceptance dates.

Constraints and sensitivities

Zhekou combines a defined EPC-integrator role with an asset-light structure that limits fixed overhead and scales installation through EPRA-licensed subcontractors. Operations across four commercial hubs and three B2B segments, with supply relationships covering tier-one module, inverter and battery manufacturers, reduce reliance on any single market or supplier.

The principal constraints are concentration-related: strategic and operational control resides with the CEO, installation quality and schedule performance depend on external partners while client accountability remains with the company, and project margins are sensitive to equipment pricing, logistics variability and currency movements. Net margins of ~4% leave a limited buffer against adverse cost movements, and revenue and cash inflows depend on the timing of contract execution and milestone acceptance in an equipment-intensive cost structure.

Finances

Revenue 2025€3.13M

Net profit 2025€132,392

Gross margin 202514.3%

Signed contracts€1.46M

€ millions

€2.32 M2.32

€2.85 M2.85

€3.13 M3.13

€3.49 M*3.49*

€4.03 M*4.03*

2023202420252026F2027F

* 2026–2027 are management forecasts; 2026 includes January–August actuals and interest on this facility from September

Zhekou’s growth plan does not rely on new markets. It is based on larger projects and a higher share of hybrid PV + BESS systems, backed by four signed contracts worth €1.46M.

Steady revenue growth

Revenue rose from €2,316,495 in 2023 to €2,846,159 in 2024 (+22.9%) and €3,129,593 in 2025 (+10.0%).
Management forecasts €3,488,271 in 2026 and €4,026,805 in 2027.

Consistent profitability

Net profit grew from €91,869 in 2023 to €132,392 in 2025.
Gross margin is forecast to rise from 14.3% in 2025 to 17.8% in 2027 as the mix shifts to hybrid systems.
2026 is a transition year: net profit dips to €123,992 as interest starts in September.

Cost efficiency

Operating expenses grew more slowly than revenue, improving operating leverage.
Installation is scaled through partners, keeping fixed overhead low.

Market

Installed solar capacity in Africa grew from approximately 13.5 GW at the end of 2023 to 23.4 GW by the end of 2025. Kenya has 442.9 MW installed, more than half of it captive self-consumption PV, and open-access rules introduced in 2024 support corporate PPAs. High grid tariffs and unreliable supply push C&I users toward hybrid PV + BESS.

Financial performance

Between 2023 and 2025 the company recorded steady revenue growth and positive profitability at all levels. Revenue increased from EUR 2,316,495 in 2023 to EUR 2,846,159 in 2024 (+22.9%) and EUR 3,129,593 in 2025 (+10.0%). Gross profit grew from EUR 360,058 to EUR 446,612, and net profit from EUR 91,869 to EUR 132,392. The gross margin declined in 2024 as equipment costs rose, then improved in 2025 as procurement efficiency increased; net margin moved from ~4.0% in 2023 to ~4.2% in 2025.

Key financial indicators, EUR

Indicator	2023	2024	2025
Revenue	2,316,495	2,846,159	3,129,593
Total COGS	1,956,437	2,453,360	2,682,981
Gross profit	360,058	392,799	446,612
Total OPEX	216,570	227,897	235,528
D&A	12,247	15,067	21,953
EBITDA	143,488	164,902	211,084
EBIT	131,241	149,835	189,131
Interest	0	0	0
Net profit	91,869	104,885	132,392

Revenue increased in each year. Growth accelerated in 2024 and slowed in 2025, but profitability rose faster than revenue in 2025, indicating improved execution economics; net margin dipped in 2024 on gross margin compression and recovered in 2025.

Cost of goods sold is dominated by equipment procurement, reflecting the equipment-intensive nature of EPC projects, and installation and licensed subcontractor costs scale with project volume. Operating expenses — payroll, rent, transport, professional services and other categories — rose modestly and more slowly than revenue, improving operating leverage. No interest expense was recorded during the period, reflecting conservative financing and advance payment arrangements.

Growth plan

The growth strategy is to move upmarket within the C&I segment by increasing project scale and technical complexity, emphasising hybrid PV + BESS solutions and targeting larger industrial and commercial clients, while keeping the asset-light EPC-integrator model.

Expand the share of industrial and large commercial projects to improve margins and scale.
Increase the proportion of hybrid PV + battery projects relative to PV-only installations.
Keep partnering with licensed subcontractors for installation and commissioning.
Strengthen internal engineering, project management and financial control to support higher project complexity.

Expansion initiatives

Role	Change	Intended effect
Project Engineer / Project Manager	1.0 FTE	Increased delivery throughput; schedule, subcontractor and quality control; reduction of rework and margin leakage
Finance Coordinator	0.5 FTE → 1.0 FTE	Strengthened cash-cycle control (advances, milestones, reconciliations); reduced cash gaps under higher procurement volume
Lead Electrical / Design Engineer	1.0 FTE	Increased design and commissioning capacity and technical validation; reduced risk of design errors and non-compliance; support for PV + BESS expansion

Projected financial impact

Revenue is projected to rise from EUR 3,129,593 in 2025 to EUR 3,488,271 in 2026 and EUR 4,026,805 in 2027, with gross margin rising from 14.3% to 16.3% and 17.8% as the mix shifts toward higher-value hybrid systems. 2026 is a transition year: with interest expense from September and operating expenses scaled ahead of growth, net profit temporarily declines to EUR 123,992 (net margin 3.6%) before recovering to EUR 163,317 in 2027 (~4.1%).

Indicator	2025 (A)	2026 (A) Jan–Aug	2026 (F) Sep–Dec	2026 (F) FY	2027 (F)
Revenue, EUR	3,129,593	2,138,555	1,349,716	3,488,271	4,026,805
Gross profit, EUR	446,612	316,506	253,292	569,798	714,758
Gross margin	14.3%	14.8%	18.8%	16.3%	17.8%
EBIT, EUR	189,131	141,468	75,330	216,798	352,310
Net profit, EUR	132,392	99,028	24,964	123,992	163,317
Net margin	4.2%	4.6%	1.8%	3.6%	4.1%

Client pipeline

The growth plan is anchored in four signed EPC contracts worth EUR 1,463,194 plus additional letters of intent, showing demand from larger industrial and commercial customers.

Client	Contract value, EUR
Client A	351,718
Client B	306,696
Client C	371,963
Client D	432,817
Total (4 projects)	1,463,194

Contracts cover installations for manufacturers and processors requiring on-site PV + BESS solutions.
Project scope includes PV modules, string inverters, battery inverters, battery energy storage, hybrid controllers and ancillary equipment.
Letters of intent from additional clients indicate an expanding pipeline beyond the four signed contracts.

Market assessment

The African solar PV market is expanding from a low installed base: total installed capacity was approximately 13.5 GW at the end of 2023 and approximately 23.4 GW by the end of 2025. Growth is driven by structural electricity supply constraints and high tariffs, industrial expansion, policy support for renewables and demand for decentralised generation, with C&I customers increasingly adopting hybrid PV + BESS for reliability.

Kenya

Kenya has a formalised regulatory environment under EPRA. Total installed solar capacity stands at 442.9 MW — 229.2 MW of captive self-consumption PV, 210.3 MW of grid-connected PV and 3.4 MW of off-grid PV — so captive projects represent more than half of national capacity.

Open-access regulations introduced in 2024 broaden market participation and support corporate PPAs (power-purchase agreements).
EPRA licensing requirements ensure that electrical works are performed by qualified subcontractors.
The market is fragmented, with EPC-focused contractors and asset-backed developers operating in parallel.
Import dependency for PV and BESS equipment exposes the market to foreign exchange and logistics risks.

Demand across the three C&I customer groups is driven by high grid tariffs, unreliable grid supply and the opportunity to stabilise operating costs with hybrid PV + BESS systems.

Competition and supply chain

The market is competitive and fragmented, with EPC integrators and IPP/PPA (independent power producer / power-purchase agreement) providers competing for projects. Zhekou relies on tier-one manufacturers and local distributors such as PNS Solar Solutions and Taico Power Kenya, which import equipment and act as importer of record. Competition from financed PPA solutions may affect conversion and pricing power among industrial clients.

Company’s market position

Zhekou operates in the mid-scale captive solar segment as an asset-light EPC integrator, providing engineering and project management while using licensed partners for installation and commissioning. Completed projects span manufacturing, food processing, plastics and milling; the company focuses on direct relationships and repeat clients rather than mass marketing, and asset-light execution lets it scale without large investments in equipment or labour.

Challenges

High reliance on imported equipment exposes projects to foreign exchange and logistics risks.
Competitive pressure from developers offering financed PPAs.
New regulations may affect licensing requirements and project timelines.
Customer capital expenditure cycles and payment behaviour affect cash-flow timing.

Détail des garanties

Project equipment under 4 EPC contracts · €787.5K

Project equipment under 4 EPC contracts€787,540

Vehicles€90,130

Installation and testing equipment€85,000

IT equipment€35,000

Warehouse equipment€30,000

Office furniture and fixtures€20,000

Total nanti€1,047,670Book and purchase values; €733,369 after a 30% discount, plus four signed contracts worth €1.46M.

The €700k facility is secured in three layers.

1. Existing fixed assets — €260,130

Vehicles, installation and testing equipment, IT and warehouse equipment, office fixtures.
€182,091 after the 30% discount.

2. Project equipment — €787,540

PV modules, inverters and batteries bought for the four contracts.
Title passes to the client only on final settlement, so until then the equipment stays in the pledge.
€551,278 after the 30% discount.

3. Signed contracts — €1.46M

Client payments are the primary source of repayment and replace the equipment layer as projects complete.
They exceed the total repayment obligation of €858,666.67.

After the discount, pledged assets are worth €733,369 — ~104.8% of the loan principal.

Loan collateral

The facility is secured by existing fixed assets, newly acquired project equipment and dynamic security from contract-backed cash flows. A conservative 30% discount is applied to physical assets to estimate liquidation values.

Existing fixed assets, EUR

Asset category	Value
Vehicles	90,130
Installation and testing equipment	85,000
IT equipment	35,000
Warehouse equipment	30,000
Office furniture and fixtures	20,000
Total existing operational assets (PPE)	260,130
Discounted value (–30%)	182,091

Financed equipment, EUR

The pledge covers the full equipment package of EUR 787,540 for the four projects, including the portion funded by client advances (EUR 78,754), as title remains with the company until final settlement.

Collateral component	Purchase value	Discounted value (–30%)
Project equipment under the four EPC contracts	787,540	551,278

Under the EPC contracts, title to the equipment passes to the client only upon final settlement; until then it remains the company’s property and part of the pledge. As projects complete, the collateral is not released but replaced by incoming client payments, which are the primary source of repayment.

Dynamic security and coverage

The four signed contracts total EUR 1,463,194, exceeding the total repayment obligation (principal plus interest) of EUR 858,666.67. The discounted value of pledged assets — existing PPE and project equipment — is EUR 733,369, a collateral-to-loan ratio of ~104.8% (LTV 0.95), which secures the principal in full under conservative assumptions. These assets have active secondary markets and retain stable resale values.

Description of the loan

Zhekou requests a EUR 700,000 facility to finance procurement and delivery of PV modules, inverters, battery energy storage systems, controllers and ancillary equipment, together with associated working capital, to execute four signed EPC contracts worth EUR 1,463,194. The facility is dedicated to the signed contracts and does not fund speculative initiatives.

Repayment structure

The loan is disbursed in four tranches with an 11-month term each, drawn concurrently in September 2026 when procurement under all four contracts begins. Interest accrues at 22.8% per annum and is paid monthly; principal is repaid in full at the end of each tranche. Tranches 1–3 (EUR 590,000) finance equipment procurement across the four contracts, and Tranche 4 (EUR 110,000) covers working capital, including subcontractor installation works. The company may repay any tranche early, upon receipt of the corresponding client settlements, without prepayment penalties; the forecasts conservatively assume full 11-month utilisation.

Monthly interest plus bullet principal aligns repayments with project milestones and cash inflows, preserving working capital during equipment-intensive phases.
The tranche structure mirrors the four procurement packages, and client advances reduce the financed volume.
Client payment terms combine upfront advances with milestone settlements tied to delivery, installation and commissioning.

Use of proceeds

The aggregated cost of principal equipment across the four projects, at net supplier quotations, is approximately EUR 787,540. Net of 10% client advances (EUR 78,754) procurement amounts to EUR 708,786, of which EUR 590,000 is financed by Tranches 1–3; the balance is covered by the working-capital tranche, interim milestone receipts and the company’s own resources. Subcontractor installation works of EUR 104,000 are funded from the working-capital tranche and milestone receipts. Total project costs also include balance-of-system materials, delivery, import and logistics, engineering, project management, commissioning and warranty provisions.

Client A — PV plus hybrid integration, EUR

Item	Cost
PV modules Mono 550W	36,036
PV string inverters 50 kW AC	48,000
PCS / battery inverter bi-directional 150 kW	27,000
BESS LFP 200 kWh incl. racks + BMS	38,000
EMS / hybrid controller (PV + BESS + Grid + DG)	15,000
Bi-directional meter + CT (zero-export)	5,000
DG synchronisation / ATS panel	8,000
Spare critical parts kit	5,000
Total equipment (net)	182,036

Client B, EUR

Item	Cost
PV modules Mono 550W	30,030
PV string inverters 50 kW AC	40,000
PCS / battery inverter bi-directional 125 kW	23,000
BESS LFP 200 kWh incl. racks + BMS	38,000
EMS / hybrid controller (PV + BESS + Grid + DG)	15,000
Bi-directional meter + CT (zero-export)	5,000
DG synchronisation / ATS panel	8,000
Total equipment (net)	159,030

Client C, EUR

Item	Cost
PV modules Mono 550W	24,024
PV string inverters 50 kW AC	32,000
PCS / battery inverter bi-directional 150 kW	27,000
BESS LFP 400 kWh incl. racks + BMS	76,000
EMS / hybrid controller (PV + BESS + Grid + DG)	15,000
Bi-directional meter + CT (zero-export)	5,000
DG synchronisation / ATS panel	8,000
Total equipment (net)	187,024

Client D — 250 kWp PV plus 500 kWh BESS, EUR

Item	Cost
PV modules Tier-1 Mono 550W	34,125
PV string inverter 50 kW AC	43,245
PCS / battery inverter bi-directional 250 kW	51,210
BESS LFP 500 kWh incl. racks + BMS	108,110
EMS / hybrid controller (PV + BESS + Grid)	17,070
Bi-directional meter + CT (industrial)	5,690
Total equipment (net)	259,450

Comment le prêt est remboursé

Votre investissement de USDC fonctionne comme une obligation à 11 mois : intérêts versés chaque mois, puis remboursement du capital au mois .

Date	Intérêts	Capital	Total

Bénéfice net+ USDC

Rendement total USDC

Emprunteur

Zhekou Investment LimitedNairobi, Kenya · fondée en 2018

Zhekou Investment Limited est un intégrateur solaire EPC (ingénierie, approvisionnement et construction) basé au Kenya, axé sur les clients commerciaux et industriels (C&I). L'entreprise fournit des solutions photovoltaïques clés en main et des systèmes hybrides photovoltaïques avec stockage d'énergie par batterie (PV + BESS). Elle gère l'intégralité du cycle de livraison — de l'évaluation du site, du profilage de la charge et de la conception technique à la préparation des métrés, à la coordination des approvisionnements, à la gestion de projet, à la mise en service et au support de garantie. L'installation physique et les travaux électriques réglementés sont effectués par des sous-traitants agréés par l'Autorité de régulation de l'énergie et du pétrole (EPRA), tandis que Zhekou conserve la responsabilité contractuelle de la qualité, du respect des délais, de la conformité en matière de santé et de sécurité, et du service après-installation.

N° Reg: PVT-3QUG6G7zhekouenergy.com

About the company

Zhekou Investment Limited is a Kenya-based solar EPC (engineering, procurement and construction) integrator focused on commercial and industrial (C&I) clients. It delivers turnkey photovoltaic solutions and hybrid photovoltaic plus battery energy storage systems (PV + BESS), managing the entire delivery cycle — site assessment, load profiling and engineering design, bill of quantities preparation, procurement coordination, project management, commissioning and warranty support. Physical installation and regulated electrical works are performed by subcontractors licensed by the Energy and Petroleum Regulatory Authority (EPRA), while Zhekou retains contractual accountability for quality, schedule discipline, health and safety compliance and post-installation service.

Asset-light operating model: core engineering, procurement coordination and project governance are kept in-house, with installation capacity scaled through partners.
Geographic scope: operations are concentrated in Kenya’s main commercial hubs — Nairobi, Mombasa, Nakuru and Kisumu.

Corporate identifiers: registration number PVT-3QUG6G7; established 3 September 2018; registered address Argho Building, Tom Mboya Street, Nairobi, Kenya.

Leadership and management

The company is founder-led. Chief Executive Officer Celine Adhiambo Okelo, who holds 100% of the share capital, has an engineering background and experience in Kenya’s solar EPC sector. Her management approach emphasises design integrity, disciplined procurement and rigorous site-level execution control as levers for delivery reliability and risk containment. Decision-making is centralised under one executive, which supports strategic consistency while also highlighting the importance of succession planning.

Products, services and clients

Zhekou designs and delivers grid-tied PV systems and hybrid PV + BESS solutions using tier-one components: JA Solar, LONGi, JinkoSolar and Trina modules; Huawei, SMA, Fronius, Growatt and Victron inverters; and CATL and Gotion battery systems. Services cover site surveys, load profiling, engineering and design, bill of quantities, budget and schedule development, procurement coordination, on-site project management, commissioning and warranty and post-warranty support.

Grid-tied PV systems — offset daytime electricity consumption with on-site solar generation.
Hybrid PV + BESS systems — integrated photovoltaic and battery storage for reliability and load management.
Turnkey delivery — full-cycle project management from site assessment to commissioning and warranty.

The company engages clients directly through technical qualification, relationship-driven outreach and sector focus, tailoring proposals to load analysis and site conditions. It serves three B2B segments: SMEs and retail seeking on-site energy cost reduction; commercial and institutional clients — offices, schools and institutions — requiring reliable daytime power; and industrial and large commercial users with high energy loads and reliability needs. Typical project size is 30 kW to 100 kW, with selective larger projects. Client acquisition relies on direct relationships, repeat engagements and referrals from the installed base.

Completed installations span plastics and polymer products manufacturing (Clients A and D, including packaging production in Nairobi), beverage and fruit processing (Client B) and milling and agro-processing (Client C).