SunFunder has set up a $1.2 million facility for Questworks, a Kenyan firm focused on delivering its strong pipeline of commercial and industrial (C&I) solar projects.
Questworks is among Nairobi’s earliest renewable energy C&I engineering, procurement and construction (EPC) companies and has built a significant track record over the past five years, building more than 2MW of solar projects. The company completed Nairobi’s first C&I solar installation in 2014, the 600kW hybrid system at Strathmore University, which was also Kenya's first solar project to sign a power purchase agreement.
The economics of solar now offer compelling business cases for grid-tied as well as off-grid C&I solar installations. By adding solar to offset grid power and backup diesel generation, C&I end users – such as universities, offices and hospitals – can cut costs, contribute to a greener economy and improve the reliability of their energy supply. The key bottleneck for commercial end-users is often debt financing and Questworks has introduced leasing options in order to address the growing demand for solar.
Earlier last month, SunFunder launched a working capital debt facility with 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.
Philip Mwangi, Director Renewable Energy at Questworks commented:
“We are excited at the prospects of cost savings for our private and public sector clients. We are currently commissioning the first phase of the largest public sector C&I solar project at Kenya School of Monetary Studies – due June 2018.”