Lenders SunFunder, Oikocredit and responsAbility Investments all provided US$2 million each in an investment that is structured as a bankruptcy-remote special purpose vehicle designed for deploying PV systems through pay-as-you-go (PAYG) and solar leasing models in developing countries.

This is SolarNow’s second structured asset finance instrument (SAFI) with SunFunder and their fifth transaction together.

Willem Nolens, CEO at SolarNow, said their partnership with SunFunder has enabled them to reach 25,000 clients. This new investment is seen a huge opportunity to expand further into the East African market providing off-grid households with solar home systems.

Worldwide 1.2 billion people are without access to electricity and a further 1 billion have unreliable access. SolarNow perceive solar power as an economic solution for off-grid areas in developing countries but say solar companies struggle to access mainstream finance to develop and deliver projects.

Stefan Issler, head direct investments, energy debt financing at responsAbility, said: “By channelling financing to companies like SolarNow, we actively develop markets and infrastructure, thereby addressing the basic needs of broad sections of the population.”

UPCOMING EVENT

PV manufacturing in Europe – what needs to change & how can the EU learn from the U.S.?

6 February 2025

2:00pm GMT

FREE WEBINAR - Ahead of PV Tech’s flagship manufacturing event, PV CellTech, taking place in Frankfurt, Germany on 11-12 March 2025, this special webinar will evaluate the prospects for manufacturing wafers, cells and modules in Europe. What is stopping investments? Where are the green shoots likely to come from? How can the European PV sector successfully galvanise its established know-how in research and production equipment availability? The webinar will feature contributions from some of the most promising manufacturing developments in Europe today, in addition to expert analysis and perspectives from the U.S. and what is needed to be put in place to stimulate new factory investments and manufacturing profitability.

UPCOMING EVENT

PV CellTech Europe 2025

11 March 2025

Frankfurt, Germany

The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

UPCOMING EVENT

PV ModuleTech USA 2025

17 June 2025

Napa, USA

PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.