SolarNow, an off-grid solar firm in Uganda has announced a new $9 million investment fund led by SunFunder, a 5-year backer with Oikocredit and responsAbility.
This fresh fund is SolarNow’s third structured asset finance instrument called SAFI – arranged by SunFunder and will aid SolarNow to deploy 17,500 new off-grid solar systems to customers and machines across Uganda as well as produce almost 2.5MW of new installed off-grid solar capacity.
Furthermore, the investment marks a 5-year partnership between SolarNow and Nairobi-based SunFunder, and their debt facility. This also makes another moment that Oikocredit and a responsAbility have participated with SunFunder to finance the company, after a similar $6m syndication 14 months ago.
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“This syndication and the SAFI structure allow us to minimize the fundraising burden and to focus on our business instead. By selecting the right clients and treating them well, our credit portfolio remains healthy and we create a strong foundation for sustainable growth,” says SolarNow CEO Willem Nolens.
Founded by Willem Nolens in 2011, this new investment takes SolarNow to $29.2 million in total investments secured or made directly to the company.