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SunCulture receives enhance for solar irrigation expansion in Africa

SunCulture, a photo voltaic irrigation firm headquartered in Nairobi, Kenya, has obtained the first disbursement from a model new US $11m syndicated debt facility to increase its operations in sub-Saharan Africa.
The new loan is groundbreaking for the productive use solar sector as a outcome of its size and its innovative combination of working capital and end-user financing.
Arranged by SunFunder, the co-investors within the facility are Nordic Development Fund; Triodos Investment Management, via its Hivos-Triodos Fund; SunFunder by way of its Solar Energy Transformation Fund; AlphaMundi via 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 power installations at smallholder farms and households that unwell mitigate over 20,000 tons of CO2 annually as farmers substitute diesel pumps with solar ones while facilitating revenue growth and job opportunities 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 providers, modern local weather expertise, and access to improve productiveness. A latest report developed b Dalberg Research shows that irrigation techniques and solar-powered water pumps can increase farmers manufacturing between 2 and 4 instances, and their earnings between 2 and 6 instances.
READ: SunCulture to distribute solar-powered water pumps throughout Africa
Samir Ibrahim, Chief Executive Officer at SunCulture, mentioned: “The previous yr was devastating for the hundreds of thousands of smallholder farmers in Kenya; 87% are in a worse financial place because of the pandemic. 81% of SunCulture farmers, however, were in a place to enhance their income from farming in 2020. Solar irrigation helps create meals security and sovereignty, and it additionally helps lift folks out of poverty. This facility additional permits our efforts to help farmers by offering them with extra of our photo voltaic solutions, and quicker.”
Jemimah Kwakye-Fosu, Investment Officer, who led the transaction for SunFunder, said: “We are delighted to have led this syndicate of proactive lenders who labored properly together for a typical aim: to assist SunCulture attain man more farmers. It reveals how working capital could be combined with end consumer financing, which is important for making productive use technologies inexpensive.”
Surabhi Mathur Visser, Head of Investments at SunFunder, mentioned: This is a pioneering transaction that demonstrates how productive use applied sciences like photo voltaic irrigation could be scaled up. SunFunder organized เครื่องมือที่ใช้ในการวัดความดัน with a similar-minded group of lenders to help an innovative product and enterprise model. We look forward to seeing SunCulture develop in Kenya and ne markets.
Karin Isaksson, Managing Director at NDF, stated: “This mortgage to SunCulture is the second extended to an organization graduating from the EEP Trust Fund managed by NDF. It is a transparent demonstration that we can ship on the new NDF Strategy and its commitment to offer flexible and scalable financing as properly as catalytic influence. It has all the elements that define NDFs added value in the local weather financing panorama. It demonstrates our capability to convene and mobilise additional financing, as well as our distinctive mi of financing instruments to match the wants of our partners, public or non-public. We are proud to be standing with our partners and supporting the emergence of a greener economy, exactly at this time of COVID-19.
Since our first investment in 2019, SunCulture has made huge strides to unlock the potential of smallholder agriculture through progressive merchandise and shopper credit score. FEI-OGEF is pleased to have the ability to refinance our inventor mortgage 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 partner 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 investment. We are excited to proceed and increase our investment in the firm via this new, revolutionary working capital facility.
Sjoerd Melsert, Senior Investment Manager at Triodos Investment Management, said: “SunCulture is a good example of an progressive company that is energetic 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 solar portfolio, resulting in a extra sustainable and higher manufacturing for smallholder farmers, which is full aligned with the mission, ambition and actions of Hivos-Triodos Fund.”