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SunCulture receives increase for solar irrigation enlargement in Africa

SunCulture, a photo voltaic irrigation firm headquartered in Nairobi, Kenya, has received the primary disbursement from a brand 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 end result of its measurement and its innovative mixture of working capital and end-user financing.
Arranged by SunFunder, the co-investors in the facility are Nordic Development Fund; Triodos Investment Management, through its Hivos-Triodos Fund; SunFunder through 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 allow SunCulture to scale up renewable vitality 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 growth and job opportunities in rural communities.
SunCulture has pioneered a Pay-As-You-Gro business mannequin to make solar-powered irrigation reasonably priced for smallholder farmers in sub-Saharan Africa, combining end-user finance, value-added providers, trendy local weather know-how, and entry to enhance productiveness. A latest report developed b Dalberg Research exhibits that irrigation methods and solar-powered water pumps can enhance farmers manufacturing between 2 and 4 instances, and their income between 2 and 6 instances.
READ: SunCulture to distribute solar-powered water pumps throughout Africa
Samir Ibrahim, Chief Executive Officer at SunCulture, said: “The previous year was devastating for the tens of millions of smallholder farmers in Kenya; 87% are in a worse monetary position due to the pandemic. 81% of SunCulture farmers, nevertheless, were capable of improve their revenue from farming in 2020. Solar irrigation helps create meals security and sovereignty, and it also helps raise individuals out of poverty. This facility additional permits our efforts to help farmers by providing them with extra of our photo voltaic solutions, and faster.”
Jemimah Kwakye-Fosu, Investment Officer, who led the transaction for SunFunder, said: “We are delighted to have led this syndicate of proactive lenders who worked nicely together for a standard goal: to help SunCulture reach man more farmers. It shows how working capital may be mixed with finish person financing, which is crucial for making productive use applied sciences affordable.”
Surabhi Mathur Visser, Head of Investments at SunFunder, said: This is a pioneering transaction that demonstrates how productive use technologies like solar irrigation may be scaled up. SunFunder organized this facility with a similar-minded group of lenders to support an revolutionary product and enterprise mannequin. We look ahead to seeing SunCulture grow in Kenya and ne markets.
Karin Isaksson, Managing Director at NDF, said: “This mortgage to SunCulture is the second extended to an organization graduating from the EEP Trust Fund managed by NDF. It is a clear demonstration that we will ship on the model new NDF Strategy and its dedication to provide versatile and scalable financing in addition to catalytic influence. It has all the ingredients that outline NDFs added value within the climate financing panorama. It demonstrates our capability to convene and mobilise extra financing, as properly as our unique mi of financing devices to match the needs of our partners, public or private. We are proud to be standing with our companions and supporting the emergence of a greener economy, precisely presently of COVID-19.
Since our first funding in 2019, SunCulture has made large strides to unlock the potential of smallholder agriculture via revolutionary products and shopper credit. FEI-OGEF is pressure gauge ออก หลัง to have the power to refinance our inventor mortgage into this new working capital facility and proceed that development alongside a dedicated and constructive group of lenders, famous Harr Guinness from Lions Head.
READ: SunCulture associate with Togo to hurry up access to sustainable solar-powered farming
Judith Santbergen, Senior Investment Manager at AlphaMundi, said: “Since 2018, AlphaMundi has successively provided support to SunCulture by way of a mix of technical help and debt investment. We are excited to continue and improve our investment in the company via this new, innovative working capital facility.
Sjoerd Melsert, Senior Investment Manager at Triodos Investment Management, mentioned: “SunCulture is a great instance of an innovative firm that’s lively on the nexus of renewable vitality and agriculture, utilizing solar power to extend farmers’ incomes. Our facility helps the additional development of SunCultures pay-as-you-go solar portfolio, leading to a extra sustainable and better production for smallholder farmers, which is full aligned with the mission, ambition and activities of Hivos-Triodos Fund.”
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