Azuri Luminosa Ltd -  We have been receiving payments from the wind down of Azuri Kenya and Tanzania. Kenya can no longer make payments and will be wound up. Tanzania is collecting decreasing amounts of money and will likely be wound up this year. We will let investors know the maximum amount we expect to recover and write off the rest. 

Farmerline – Partial payment of 42.5% capital and interest was received and distributed to investors in February 2026, with remaining debt written off.   

iProcure -  iProcure remains in administration in Kenya, managed by KPMG. Previous updates indicated that some recovery was expected from the sale of inventory and receivables. However, KPMG’s latest assessment indicates that the expected realisations are now lower than previously anticipated, and that the costs of the administration process are expected to exceed the available funds. As a result, no funds are currently expected to be available for secured creditors, including Energise Africa bondholders. The iProcure bonds are therefore being written off in full.

New Light Africa Ltd -  In liquidation - Full loss to investors.

Redavia -  Entered administration in Aug '22 and we understand all of the company’s assets have now been sold. However, sale proceeds were insufficient even to cover transaction costs. Full loss to investors is expected.

Oolu -  Debt has been restructured. Energise Africa distributed the final payment of 25% in Q3 2024, remaining debt has been written off.

Simusolar - A restructuring agreement has been signed with Simusolar. Under the agreed restructure, approximately £188,000 of the outstanding balance will be written down, with the remaining balance of approximately £300,000 to be repaid over an extended timeline. Investors have been updated, and the portfolio page will be amended to reflect the revised position. 

SolarWorks -  Like Azuri, Solarworks have recovered some funds for investors but the money is trapped (in this case in Malawi). We have asked for a final number on the cash available for distribution and we will write off the balance. Again, the potential recovery is likely to be very low.

SunTransfer Kenya -  No repayments made on borrowing since Sept '18. Energise Africa informed investors in Sep '24 that the debt is written off.

upOwa - Energise Africa informed investors in Dec '23 that the debt is written down by 48.6%. Final payments received and disbursed July '25.

Solatek - No payments made since Dec '23 and default notices were served on the company. Debt fully written off.