星期六, 九月 26, 2020
Home PV News Swedfund makes large commitment to the off-grid solar energy sector

Swedfund makes large commitment to the off-grid solar energy sector

Swedfund, the Swedish Development Finance Institution, commits USD 12m to the Solar Energy Transformation Fund managed by SunFunder.

The investment will contribute to increased access to electricity, as well as the increased generation of renewable energy for exposed demographics in the least developed countries in the world according to the OECD DAC list. The investment is in line with Swedfund’s Energy & Climate sector goals of investing in the off-grid sector for solar energy, particularly in Sub-Saharan Africa, where more than half of the total population lacks access to electricity.

The investment gives Swedfund the opportunity to support the off-grid sector in sub-Saharan Africa and in Asia, by a debt commitment to the Solar Energy Transformation Fund, managed by Nairobi-based sector specialist SunFunder Inc. Swedfund’s capital will be used to provide loans to corporate borrowers active in the off-grid solar space – primarily in Sub-Saharan Africa. The investment will support increased access to electricity as well as increased generation of renewable energy.

– This investment gives us, as a Development Finance Institution, the possibility to contribute to climate change mitigation and improved standards of living due to access to affordable and reliable electricity. It’s also important for us to provide capital to a fund with an outspoken strategy to invest their way through the COVID-19 pandemic at a point in time where the general interest for investments in developing countries is expected to decrease, says Swedfund’s CEO Maria Håkansson.

Swedfund will also contribute by improving the environmental, social and governance processes of the fund in relation to its borrowers.

SunFunder was founded in 2012 and has since grown from a crowdfunding platform to a manager of structured debt funds, all of which have been aimed at financing the off-grid sector for solar energy, primarily in Sub-Saharan Africa. To date, SunFunder (through its various funding platforms) has provided over $100m in debt financing to more than 50 off-grid solar companies, impacting over 7 million people with improved access to energy and mitigating over 700,000 tons of CO2 equivalent emissions annually.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Apple data center in Denmark powered by 50 MW of solar

Apple has revealed that its data center in Viborg, Denmark, is now being powered by a 50 MW solar project under a long-term power...

Solar + storage experiment in Tampa Bay selected for Solar Energy Innovation Network project

An innovative solar + storage research project led by the Tampa Bay Regional Planning Council has been selected as a finalist for the Solar...

Chinese PV Industry Brief: 350 MW wind-solar project, 200 MW of floating PV

Longyuan Energy said this week that it has signed an agreement with the municipal authorities in Binzhou, Shandong province, to build 300 MW of solar...

IEEE creates education and credentialing program for interconnecting distributed resources to the grid

IEEE and the IEEE Standards Association (IEEE SA) announced the IEEE Std 1547-2018 Distributed Energy Resources (DER) Interconnection Commissioning: Education and Credentialing Program, a new...