SolarNow is an energy company based in Kampala, Uganda. Yesterday, it announced a $9 million credit fund led by SunFunder, a 5-year financier of the company, alongside two other lenders; responsAbility and Oikocredit.
With the funding, the company plans to deploy 17,500 new off-grid solar systems and appliances to customers across Uganda, and in turn generate approximately 2.5MW of new installed off-grid solar capacity.
“This syndication and the (structured asset finance instrument) SAFI structure allow us to minimise the fundraising burden and to focus on our business instead. By selecting the right clients and treating them well, our credit portfolio remains healthy and we create a strong foundation for sustainable growth,” says Willem Nolens, SolarNow CEO.
The funding is coming only three months after the company raised a $740,000 grant from the Mastercard Foundation Fund for Rural Prosperity. It is also the SunFunder’s second syndication for SolarNow, following a similar $6 million facility 14 months ago.
Founded in 2011 by Willem Nolens, SolarNow has now reportedly raised at least $30 million in funding across different deal types.