We are joining CDC Group, the UK’s development finance institution (DFI), on a $15m multi-currency debt facility for PEG Africa, a leading solar home system company in West Africa.
SunFunder has now unlocked over $100m for solar energy in emerging markets. Our 2018 Annual Review highlights the progress we’ve made over the last year – including the first close of our new Solar Energy Transformation Fund, new investor partnerships, and profiles of some our borrowers, including off-grid, mini-grid and commercial-scale solar investments.
We are thrilled to announce the $42.5m first close of our new Solar Energy Transformation (SET) Fund with anchor investors the Overseas Private Investment Corporation (OPIC), Calvert Impact Capital, Ceniarth and the IKEA Foundation. SunFunder has now closed $104.5m in its debt funds from 65 investors.
We are expanding into new markets, with our first transaction in Mozambique with SolarWorks!, the country’s leading Pay-As-You-Go (PAYG) solar home system and energy services provider.
The $2m debt facility will allow them to directly impact 65,000 people with improved energy access while displacing at least 26 tonnes of CO2 emissions. It also took an innovative multi-currency approach through our partnership with US-based currency hedging company MFX Solutions, and was their first transaction in Mozambique.
We are launching 2019 with the news that we closed a $9m receivables financing facility with Kampala-based off-grid solar company SolarNow. The new investment marks both the 5th anniversary of our partnership with SolarNow, and a total of $19m that we’ve delivered for SolarNow through direct and syndicated lending.
SunFunder has started investing in the mini-grid sector. We have launched a new $1.2m facility with mini-grid developer PowerGen in Kenya. This is a key step for the sector because it marks the first debt financing that SunFunder has provided for a mini-grid project.
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.