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Lendable secures $550k debt financing for Azuri Technologies Distributor, Raj Ushanga House

Milcah Lukhanyu by Milcah Lukhanyu
4 years ago
in Tech
5 min read
0

Finance platform Lendable has secured USD550K debt financing for Raj Ushanga House (RUH), the Kenya distributor for Azuri Technologies Ltd, a Pay-as-you-go (PayGo) solar energy solutions to accelerate its rural roll-out of scalable solar power in Kenya.

According to Raju Haria, CEO of Raj Ushanga House, “The debt financing from Lendable marks an exciting chapter for RUH. It enables us to reach more customers and finance their ownership of these assets. We will also be able to significantly expand the availability and variety of Azuri solar home systems in Kenya.”

RUH has a portfolio of over 7,000 PayGo solar customer contracts and is the first payGo energy firm to receive such financing by Lendable. 

Lendable, a lender marketplace uses a proprietary risk engine to analyze the quality of diversified receivable portfolios, and enables alternative lenders to secure debt financing from experienced offshore investors purely against these portfolio cashflows.  A portion of the alternative lenders’ loan book is used as security meaning there is no need to put up other collateral that is required by traditional lenders in the form of tangible fixed assets. This approach to finance enables new energy providers to scale without the need for traditional on-balance-sheet collateral, while also permitting individual projects to be financed separately.

Lendable has already secured USD.600,000.00 in debt financing for Tugende, a Ugandan company that offers a lease-to-own model to help Ugandan boda-boda drivers own their own motorcycle. Lendable is currently working on four transactions in Kenya and Uganda.

Daniel Goldfarb, CEO and co-founder Lendable commented: “We are excited to provide the investors on our platform with commercial returns while supporting positive economic and social change. We’re proud to support RUH’s mission to bring affordable and high quality solar energy solutions to more homes across Kenya. This is just the start of what we intend to be a long relationship with the RUH Team as we help them scale their lending exponentially through finance and technology.”

Lendable’s technology platform connects directly to the management information systems of the PayGo provider, including real-time financial information on the customer portfolio.  This information allows Lendable to monitor performance of current transactions directly and, through Lendable’s investor portal, provide investors with up-to-date information on the performance of their investments.

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Simon Bransfield-Garth, CEO of Azuri Technologies said the debt financing deal will enable its distributors to accelerate the scale-up of PAYGO solar without tying up their balance sheets.

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Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

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