SOLARNOW SECURES US$6m DEBT FACILITY

Ugandan solar startup SolarNow, receives US$6 million debt  facility to help expand business.

SolarNow – a startup which sells solar systems to rural households and businesses in Uganda with a 24-month credit facility, have just secured a US$6 million facility from SunFunder.

The facility which is SolarNow’s second structured asset finance instrument arranged by SunFunder is intended to help it reach more clients and expand access to pay-as-you-go (PAYG) solar power.

According to Willem Nolens, SolarNow’s Chief Executive Officer (CEO), SolarNow is thrilled to continue building its fruitful relationship with SunFunder as it has allowed them to focus solely on their growth and profitability by reaching over 25,000 clients.

Nolens said; “This new step of our partnership will enable us to continue tackling the massive unmet market opportunity in East Africa of providing affordable energy to millions of off-grid households, and to reach 70 per cent of Uganda’s off-grid population with solar home systems.”

CEO of SunFunder, Ryan Levinson on the other hand said customers like SolarNow  needed more ascendable, less time-consuming financing options so they can focus on their core business of delivering solar energy.