SunCulture receives enhance for solar irrigation expansion in Africa

SunCulture, a solar irrigation company headquartered in Nairobi, Kenya, has received the first disbursement from a new US $11m syndicated debt facility to increase its operations in sub-Saharan Africa.
The new mortgage is groundbreaking for the productive use photo voltaic sector as a end result of its dimension 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 through its Solar Energy Transformation Fund; AlphaMundi through each its SocialAlpha and AlphaJiri Investment Funds; and the AfDB’s FEI OGEF managed b Lions Head.
This will enable 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 photo voltaic ones while facilitating revenue development and job alternatives in rural communities.
SunCulture has pioneered a Pay-As-You-Gro enterprise model to make solar-powered irrigation inexpensive for smallholder farmers in sub-Saharan Africa, combining end-user finance, value-added services, modern climate know-how, and access to improve productiveness. A current report developed b Dalberg Research reveals that irrigation techniques and solar-powered water pumps can improve farmers production between 2 and 4 instances, and their earnings between 2 and 6 instances.
READ: SunCulture to distribute solar-powered water pumps across Africa
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 monetary place as a result of pandemic. 81% of SunCulture farmers, nonetheless, had been capable of increase their revenue from farming in 2020. Solar irrigation helps create food security and sovereignty, and it also helps raise people out of poverty. This facility additional allows our efforts to assist farmers by providing them with extra of our photo voltaic options, and sooner.”
weksler pressure gauge ราคา -Fosu, Investment Officer, who led the transaction for SunFunder, stated: “We are delighted to have led this syndicate of proactive lenders who labored properly collectively for a common objective: to help SunCulture reach man extra farmers. It reveals how working capital could be mixed with finish person financing, which is crucial for making productive use technologies inexpensive.”
ตัววัดแรงดัน , Head of Investments at SunFunder, stated: This is a pioneering transaction that demonstrates how productive use applied sciences like photo voltaic irrigation may be scaled up. SunFunder arranged this facility with a similar-minded group of lenders to assist an innovative product and business model. We look forward to seeing SunCulture develop 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 clear demonstration that we are able to ship on the new NDF Strategy and its dedication to supply versatile and scalable financing in addition to catalytic influence. It has all the ingredients that define NDFs added worth within the local weather financing panorama. It demonstrates our capability to convene and mobilise extra financing, as well as our distinctive mi of financing devices to match the wants of our partners, public or non-public. We are proud to be standing with our companions and supporting the emergence of a greener financial system, precisely at this time of COVID-19.
Since our first investment in 2019, SunCulture has made big strides to unlock the potential of smallholder agriculture through innovative products and consumer credit. FEI-OGEF is joyful to find a way to refinance our inventor mortgage into this new working capital facility and continue that progress alongside a dedicated and constructive group of lenders, noted Harr Guinness from Lions Head.
READ: SunCulture associate with Togo to speed up access to sustainable solar-powered farming
Judith Santbergen, Senior Investment Manager at AlphaMundi, stated: “Since 2018, AlphaMundi has successively offered help to SunCulture by way of a mix of technical assistance and debt investment. We are excited to proceed and increase our funding in the company by way of this new, innovative working capital facility.
Sjoerd Melsert, Senior Investment Manager at Triodos Investment Management, stated: “SunCulture is a superb instance of an progressive company that’s lively on the nexus of renewable energy and agriculture, utilizing photo voltaic energy to extend farmers’ incomes. Our facility supports the further growth of SunCultures pay-as-you-go photo voltaic portfolio, resulting in a more sustainable and better production for smallholder farmers, which is full aligned with the mission, ambition and actions of Hivos-Triodos Fund.”
Share

Leave a Comment