AFRICA – Investment company SunFunder, a company specializing in solar energy, has completed the financial mobilisation for its Solar Energy Transformation (SET) fund worth US$70 million.
READ ALSO: How SMEs can scale up under the AfCFTA
The multi-investor fund has been closed thanks to an investment by Oesterreichische Entwicklungsbank AG (OeEB).
The SET Fund was launched by SunFunder with the aim of accelerating the electrification process in Africa and this financing mechanism has attracted many other investors like Swedfund which injected US$12 million in September 2020.
The fund has also received investment from American Development Finance Corporation (DFC), Calvert Impact Capital, Ceniarth, the IKEA Bank of America Foundation, Mercy Investment Services, Schmidt Family Foundation, as well as several individual investors through the Toniic Impact network.
“Off-grid solutions have played a key role in providing clean, affordable, and reliable energy, especially to rural populations. We are therefore proud to team up with SunFunder and to support this innovative fund that improves access to energy for millions of people”
“Off-grid solutions have played a key role in providing clean, affordable, and reliable energy, especially to rural populations. We are therefore proud to team up with SunFunder – an experienced and impact-conscious partner in this field and to support this innovative fund that improves access to energy for millions of people,” said Sabine Gaber, member of the OeEB Board of Directors.
In Africa, SunFunder particularly supports suppliers of off-grid solar systems, which accelerate the electrification of rural areas and provide clean energy to businesses.
In Nigeria, for example, SunFunder has invested US$4 million in Daystar Power to provide solar energy to industrial and commercial customers.
The investment company has also been involved in several fundraising initiatives, including those of solar-powered irrigation system supplier SunFunder and solar home systems supplier PEG Africa.