SolarHome, an off-grid solar firm focused on Southeast Asia, has raised US$5 million to date, having recently closed a US$1 million convertible note offering with impact venture capital firm Insitor Impact Asia Fund.
The new funding will help SolarHome to extend its network of hubs throughout Myanmar, offer more products and expand into Indonesia and Cambodia by year end. The company currently distributes its off-grid systems via 20 sales hubs across central Myanmar and has installed more than 15,000 homes with its systems.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
It uses a pay-as-you-go (PAYG) model allowing consumers to make regular mobile payments to top up their solar home systems for up to two years. After these payments the system is unlocked and made available for use of the consumer. The ‘rent-to-own’ model removes the barrier of high upfront costs for a solar system.
Bradley Kopsick, Myanmar country manager at Insitor, said: “SolarHome impressed us with their strong growth trajectory over the past 15 months, reaching more than 15,000 households in Myanmar while maintaining high portfolio quality. The company is a natural fit to our current microfinance and renewable energy portfolios.”
Ted Martynov, chief executive and co-founder of SolarHome, said: “Insitor is one of the few regional funds that has an on the ground presence in Myanmar and an intricate understanding of rural Myanmar.”
