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The solar services provider has obtained a new credit line that will enable it to deploy more irrigation systems across rural farms in SubSaharan Africa.
- The Company also raised $14 million in 2020.
SunCulture, a solar-powered irrigation systems services provider has obtained an $11 million line of credit. Investors include the Off-Grid Energy Access Fund of the African Development Bank’s (AfDB) Energy Inclusion Facility (OGEF); Triodos Investment Management, the Nordic Development Fund (NDF); and AlphaMundi.
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SunCulture believes that the facility will enable it to deploy more solar-powered irrigation systems to farmers in sub-Saharan Africa. Solar-powered irrigation systems will enable farmers to save money on fuel costs while reducing their farm’s carbon footprints. The company that operates on a PAYG model that utilises mobile banking proliferation in Kenya facilitates deployment in rural areas where consumers cannot afford a one-time payment for irrigation systems.
SunFunder, a Solar investment company, organised the transaction. The company believes the facility will enable SunCulture to expand its services in Kenya and new markets. Last year SunCulture raised about $14 million despite the COVID19 pandemic for its expansion in SubSaharan Africa.