Solar finance startup SunFunder, an investor in Arc Finance partner SolarNow based in Uganda, has closed a US$2.5 million Series A funding round, a milestone for investment in off-grid, small-scale solar. Alongside support from Khosla Impact and Better Ventures, SunFunder secured funding from Schneider Electric, a major multinational player in energy products and key investor in Arc partner Simpa Networks, which manufacturers and distributes solar home systems with a proprietary metering system in Uttar Pradhesh, India.
€2 million equity investment lays groundwork for scaling renewable energy asset finance and distribution in East Africa SolarNow, the Uganda-based solar asset finance company, has closed its most recent equity round, raising €2 million from Novastar Ventures and Acumen, to help meet massive demand for high-quality solar technology in East Africa.
Ugandan solar enterprise SolarNow uses a franchise distribution model for Solar Home Systems combined with an in-house credit facility to reach rural customers
SolarNow is an energy enterprise in Uganda, and an Arc Finance partner under the USAID-funded Renewable Energy Microfinance & Microenterprise Program (REMMP). Established as a social enterprise in May 2011, SolarNow grew out of the Rural Energy Foundation, a Dutch NGO providing distribution and training support for the use of Solar Home Systems (SHS) with market experience across Africa. SolarNow uses asset finance to provide electricity to off-grid rural communities through modular, expandable SHSs, and distributes an [...]
Read Online an article posted on USAID’s Frontlines edition published by Arc’s Managing Director Nicola Armacost and USAID’s Pamela Baldinger.
Founded in 2010, Solar Sister is an energy company that promotes access to affordable solar lamps and small solar systems in communities in Sub-Saharan Africa. Using an Avon-style distribution system, Solar Sister builds and extends the supply chain through women’s rural networks by providing women with a “business in a bag”: a start-up kit of inventory, training and marketing support.
Arc Finance talks with Katherine Lucey, CEO of Solar Sister, about the process Solar Sister uses to support rural women to become micro-entrepreneurs and how it enables rural women to earn an income in a flexible way, doing as much or little [...]