AFRICA: SunFunder closes its $70m solar electricity fund
The investment company SunFunder has just completed the financial mobilisation to feed its Solar Energy Transformation (SET) fund worth 70 million dollars. The multi-investor fund has been closed thanks to an investment by Oesterreichische Entwicklungsbank AG (OeEB)
Successful transaction by SunFunder. The investment company specialising in solar energy has just completed the mobilisation of capital for its Solar Energy Transformation (SET) fund dedicated to electrification via solar energy in Africa and Asia. SunFunder closes the SET fund with an investment from Oesterreichische Entwicklungsbank AG (OeEB), the Austrian government’s development bank.
The SET Fund was launched by SunFunder with the aim of accelerating the electrification process in Africa. This financing mechanism has attracted many other investors like Swedfund which injected 12 million dollars in September 2020. The fund has also been funded by the 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.
Investments in several electricity service providers
“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,” says 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 4 million dollars 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.
Source: afrik21
