Leading off-grid solar company SolarNow and investor SunFunder announce new syndicated receivables financing facility with Oikocredit and responsAbility Investments.
SunFunder financing enables Sunergise to launch solar projects totalling 2.4MW in Fiji and 783kW in Vanuatu
As well as energy access for off-grid communities, there is a huge opportunity for solar power to provide more reliable power and displace diesel generation for businesses. Cleaner and cheaper solar energy not only cuts carbon emissions, but also supports economic growth as businesses benefit from uninterrupted power supply.
SunFunder has been working with leading Pacific solar energy provider Sunergise to finance the roll out of these installations across the region. The first two projects were launched recently at the Iririki hotel in Vanuatu and Coca-Cola AMATIL’s plant in Fiji.
Andrea Griffin, SunFunder Vice President for Global Business Development, commented:
“Our partnership with Sunergise is an exciting opportunity to scale the deployment of commercial and industrial solar systems with a leading developer in the Pacific, a region where the economics for solar are so strong. We see immense potential for many types of enterprises to lower their dependence on diesel by installing solar to power their day-to-day operations.”
We are delighted to announce that SunFunder has been selected as one of Bloomberg New Energy Finance’s 10 New Energy Pioneers for 2017.
Receiving the award at BNEF’s Future of Energy Summit in New York today, SunFunder CEO Ryan Levinson commented:
“We are grateful for the recognition of what we have been doing to provide scalable financing for the beyond-grid solar sector. This comes at an inflection point for us and the industry, as we are offering high-value lending solutions to our customers and larger fixed income opportunities for institutional investors.”
Over the last five years, SunFunder has completed $25 million of loans to more than 30 solar companies in the beyond the grid sector. Until now all of that debt finance has been issued in US dollars.
Today that is changing. We are delighted to announce that we now have the capability to offer local currency loans, thanks to a new partnership with hedging facility MFX Solutions.
We are delighted to announce the first close of our new $50 million Beyond The Grid Solar Fund, which marks a new and exciting chapter for SunFunder.
We’re grateful to our first close partners, which includes a step change in our relationship with institutional investors. The first close amounted to $21 million and is backed by the Overseas Private Investment Corporation (OPIC), MCE Social Capital and The Rockefeller Foundation. We’re thrilled to be working with them all.