SunCulture, a solar irrigation firm headquartered in Nairobi, Kenya, has received the primary disbursement from a brand new US $11m syndicated debt facility to expand its operations in sub-Saharan Africa.
The new mortgage is groundbreaking for the productive use solar sector due to its measurement and its revolutionary mixture of working capital and end-user financing.
Arranged by SunFunder, the co-investors within the facility are Nordic Development Fund; Triodos Investment Management, through its Hivos-Triodos Fund; SunFunder via its Solar Energy Transformation Fund; AlphaMundi through both its SocialAlpha and AlphaJiri Investment Funds; and the AfDB’s FEI OGEF managed b Lions Head.
This will allow SunCulture to scale up renewable energy installations at smallholder farms and households that unwell mitigate over 20,000 tons of CO2 annually as farmers exchange diesel pumps with solar ones while facilitating revenue development and job alternatives in rural communities.
SunCulture has pioneered a Pay-As-You-Gro business mannequin to make solar-powered irrigation affordable for smallholder farmers in sub-Saharan Africa, combining end-user finance, value-added providers, fashionable local weather know-how, and access to enhance productivity. A recent report developed b Dalberg Research reveals that irrigation systems and solar-powered water pumps can enhance farmers production between 2 and four times, and their earnings between 2 and 6 instances.
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Samir Ibrahim, Chief Executive Officer at SunCulture, mentioned: “The past year was devastating for the tens of millions of smallholder farmers in Kenya; 87% are in a worse financial position due to the pandemic. 81% of SunCulture farmers, nevertheless, had been in a position to enhance their income from farming in 2020. Solar irrigation helps create food safety and sovereignty, and it also helps raise individuals out of poverty. This facility further enables our efforts to support farmers by providing them with extra of our photo voltaic options, and faster.”
Jemimah Kwakye-Fosu, Investment Officer, who led the transaction for SunFunder, mentioned: “We are delighted to have led this syndicate of proactive lenders who labored nicely together for a common aim: to assist SunCulture reach man more farmers. It shows how working capital could be mixed with finish consumer financing, which is crucial for making productive use applied sciences affordable.”
Surabhi Mathur Visser, Head of Investments at SunFunder, stated: This is a pioneering transaction that demonstrates how productive use applied sciences like solar irrigation could be scaled up. SunFunder organized this facility with a similar-minded group of lenders to assist an revolutionary product and business model. We sit up for seeing SunCulture grow in Kenya and ne markets.
Karin Isaksson, Managing Director at NDF, mentioned: “This loan to SunCulture is the second prolonged to an organization graduating from the EEP Trust Fund managed by NDF. It is a transparent demonstration that we will deliver on the new NDF Strategy and its commitment to supply flexible and scalable financing as well as catalytic influence. It has all the components that outline NDFs added value within the local weather financing panorama. It demonstrates our capability to convene and mobilise additional financing, in addition to our distinctive mi of financing devices to match the wants of our companions, public or non-public. We are proud to be standing with our partners and supporting the emergence of a greener economy, precisely at this time of COVID-19.
Since our first funding in 2019, SunCulture has made big strides to unlock the potential of smallholder agriculture through revolutionary merchandise and client credit score. FEI-OGEF is joyful to have the ability to refinance our inventor loan into this new working capital facility and continue that development alongside a dedicated and constructive group of lenders, noted Harr Guinness from Lions Head.
READ: SunCulture companion with Togo to speed up access to sustainable solar-powered farming
Judith Santbergen, Senior Investment Manager at AlphaMundi, mentioned: “Since 2018, AlphaMundi has successively offered help to SunCulture through a mix of technical help and debt funding. We are excited to continue and improve our funding within the company via this new, progressive working capital facility.
Sjoerd Melsert, Senior Investment Manager at Triodos Investment Management, mentioned: “SunCulture is a superb example of an innovative firm that’s lively on the nexus of renewable vitality and agriculture, utilizing solar energy to extend farmers’ incomes. Our facility supports the additional progress of SunCultures pay-as-you-go solar portfolio, resulting in a extra sustainable and higher manufacturing for smallholder farmers, which is full aligned with the mission, ambition and activities of Hivos-Triodos Fund.”
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