SolarNow raises $6m in debt financing from SunFunder, responsAbility and Oikocredit to expand its reach

SolarNow has received a $6 million facility lead by SunFunder with the participation of  responsAbility Investments AG and Oikocredit to expand their pay-as-you-go or solar lease offerings to reach more people living without access to energy.

The $6 million facility is SolarNow’s second structured asset finance instrument, SAFI will help the firm expand its client’s pay-as-you-go or solar lease offerings to reach more people living without access to energy.

According to Willem Nolens, SolarNow CEO, “This new step of our partnership will enable us to continue tackling the massive unmet market opportunity in East Africa of providing affordable energy to millions of off-grid households, and to reach 70% of Uganda’s off-grid population with solar home systems.”

SunFunder acted as the Arranger, Lender and Facility Agent for the $6 million facility, with each lender providing $2 million to the facility.

SolarNow sells, finances and installs modular solar systems and solar appliances (TVs, fridges, water pumps, etc.) to rural households and entrepreneurs through a network of 55 branches and 750 staff in Uganda and Kenya.