SolarNow, a solar distributor in Uganda, has announced it has received a loan of US$2 million from SunFunder, a solar energy finance business.
The funds will be used to accelerate distribution of solar home systems in Uganda.
“With this financing in place, the board and management believe our business is now well placed to accelerate our growth in Uganda and beyond,” said SolarNow’s Managing Director Willem Nolens.
This isn’t the first time SolarNow will be receiving a loan facility from SunFunder.
In 2013, SunFunder, through its Structured Asset Finance Instrument (SAFI), began lending to SolarNow in with small, crowdfunded inventory loans through which it established a repayment track record.
This helped SunFunder to unlock capital from accredited investors for larger and longer-term loans needed to match SolarNow’s growing working capital needs.
In 2015, SunFunder extended facilities totalling over US$800,000 of loans to SolarNow.
“The launch of SAFI marks a new chapter in our long-standing relationship with a top-quality solar company. Starting with small crowdfunded inventory loans in 2013, we provided larger working capital facilities funded through our Solar Empowerment Fund,” said Audrey Desiderato, SunFunder’s Co-Founder and COO.
He added, “The launch of SAFI marks a next step in our relationship and aims to efficiently deliver scale. We are proud to announce this market-leading transaction with SolarNow and play an important role in their continued success in the market.”
Through its network of 36 branches in Uganda and by extending appropriate credit to their customers for up to 24 months, SolarNow makes solar accessible and affordable for rural, low-income households and businesses.
Since 2011, the company has installed over 10,000 solar systems in Uganda. These clients benefit from 5 years free service.
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