Güneş Sistemleri

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.

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

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.

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

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%).

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.

• 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.

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.

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

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.

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.

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.

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

Client B, EUR

Client C, EUR

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

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.

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.

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).