SunCulture receives enhance for photo voltaic irrigation growth in Africa

SunCulture, a photo voltaic irrigation company headquartered in Nairobi, Kenya, has obtained the first disbursement from a new US $11m syndicated debt facility to broaden its operations in sub-Saharan Africa.
เกจวัดแรงดันออกซิเจน is groundbreaking for the productive use photo voltaic sector as a outcome of its measurement and its innovative combination of working capital and end-user financing.
Arranged by SunFunder, the co-investors in the facility are Nordic Development Fund; Triodos Investment Management, via its Hivos-Triodos Fund; SunFunder through its Solar Energy Transformation Fund; AlphaMundi by way of both 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 sick mitigate over 20,000 tons of CO2 annually as farmers exchange diesel pumps with solar ones while facilitating income development and job opportunities in rural communities.
SunCulture has pioneered a Pay-As-You-Gro business model to make solar-powered irrigation affordable for smallholder farmers in sub-Saharan Africa, combining end-user finance, value-added providers, trendy climate expertise, and access to enhance productivity. A recent report developed b Dalberg Research shows that irrigation methods and solar-powered water pumps can increase farmers production between 2 and four 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, stated: “The previous 12 months 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, nonetheless, have been in a place to improve their income from farming in 2020. Solar irrigation helps create meals security and sovereignty, and it additionally helps raise folks out of poverty. This facility further enables our efforts to support farmers by providing them with more of our solar solutions, and sooner.”
Jemimah Kwakye-Fosu, Investment Officer, who led the transaction for SunFunder, mentioned: “We are delighted to have led this syndicate of proactive lenders who labored well together for a standard objective: to help SunCulture attain man more farmers. It reveals how working capital can be combined with end person 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 solar irrigation could be scaled up. pressure gauge แบบ น้ำมัน arranged this facility with a similar-minded group of lenders to support an innovative product and business mannequin. 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 a company graduating from the EEP Trust Fund managed by NDF. It is a transparent demonstration that we are ready to deliver on the new NDF Strategy and its dedication to offer flexible and scalable financing as properly as catalytic impact. It has all of the components that define NDFs added value within the climate financing landscape. It demonstrates our capability to convene and mobilise additional financing, in addition to our distinctive mi of financing devices 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 financial system, exactly presently of COVID-19.
Since our first investment in 2019, SunCulture has made big strides to unlock the potential of smallholder agriculture through revolutionary products and client credit. FEI-OGEF is pleased to have the ability to refinance our inventor loan 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 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 supplied help to SunCulture via a mix of technical assistance and debt funding. We are excited to proceed and enhance our investment within the company through this new, revolutionary working capital facility.
Sjoerd Melsert, Senior Investment Manager at Triodos Investment Management, mentioned: “SunCulture is a good instance of an progressive company that is energetic on the nexus of renewable vitality and agriculture, using solar power to extend farmers’ incomes. Our facility helps the further development of SunCultures pay-as-you-go photo voltaic portfolio, resulting in a extra sustainable and higher production for smallholder farmers, which is full aligned with the mission, ambition and activities of Hivos-Triodos Fund.”
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