SunFunder is happy to have the Beyond the Grid (“BTG”) Fund showcased in a case study published by the Global Impact Investing Network (“GIIN”) for its Climate Investing Track. This Track seeks to mobilize capital toward investments that mitigate climate change while engaging investors around targeted impact objectives and sectors.
We are delighted to announce that the Overseas Private Investment Corporation (OPIC) has committed $25 million to the Solar Energy Transformation (“SET”) Fund. OPIC’s investment consists of both junior and senior tranches, which will help catalyze private capital and impact-focused investors to achieve a target fund size of $85 million.
SunFunder announced today the close of a $20 million debt financing facility with a values-aligned family office for ZOLA Electric (“ZOLA”), Africa’s leading renewable energy brand formerly known as Off Grid Electric. SunFunder contributed $5 million USD and the family office acted as the arranger and completed the balance.
Earlier last month, SunFunder has set up a $1.2 million facility for Questworks to support their financing needs as they fulfil a strong pipeline of C&I solar projects in Nairobi. This will help the company complete more sector-leading installations. Questworks also comes with a strong EPC background in real estate development in Kenya.
SunFunder is excited to share a new white paper “Scaling Energy Access with Blended Finance: SunFunder and the Role of Catalytic Capital”, reporting on its latest efforts to leverage catalytic capital from the DOEN Foundation, Facebook, The Packard Foundation and The Rockefeller Foundation, among others, to blend in other investors essential to reaching scale.
This paper focuses on lessons from SunFunder’s experience having unlocked over $62m by the end of 2017 through a series of innovative aggregated debt funds which have offered investors a route into the sector. Drawing on the experience from its current funds and more recent engagements with future investors, SunFunder also presents some considerations for moving forward with new partnerships.
We are delighted to announce the appointment of Ritesh Shah to our senior leadership team as SunFunder’s new Chief Financial Officer. Ritesh brings over 25 years of global leadership experience in the financial services industry, with former roles including CEO of Rabobank Africa and CFO of Rabobank North America and Europe.
We are delighted to share the progress we’ve made over the last year in our 2017 Annual Review – which includes case studies on some of our off-grid residential, commercial-scale and productive use solar investments.
Long-time SunFunder partner and leading off-grid solar company Greenlight Planet announced this week it had raised $60 million, which included our fourth loan together. The round of equity and debt financing was led by London-based private equity fund manager Apis Partners.
Ryan Levinson, Founder & CEO of SunFunder, commented:
“Our first loan to Greenlight was in 2014 and we are delighted to continue growing our relationship with a great business that is truly scaling its impact.”
We are pleased to announce that SunFunder has led an $8 million syndication for leading off-grid solar company PEG Africa in West Africa.
SunFunder arranged the large multi-currency syndicated loan – an industry first – to bring in five other lenders, including responsAbility, Oikocredit, Global Partnerships and Palladium Impact Investments.
The debt facility formed the larger part of a $13.5 million fundraise by PEG Africa, which also included Series B equity financing.