- SunFunder has mobilised investments worth about $70 million for its Solar Energy Transformation (SET) fund.
- The SET Fund, which SunFunder initiated, aims to increase electrification via solar energy across Africa.
- SunFunder supports off-grid solar systems suppliers in the provision of clean energy to rural areas and businesses.
Investment company SunFunder has mobilised investments (about $70 million) for its Solar Energy Transformation (SET) fund focused on solar electrification in Africa and Asia. This has been achieved due to investment by the Austrian government’s development bank, Oesterreichische Entwicklungsbank AG (OeEB).
The SET Fund, which SunFunder initiated, aims to increase electrification via solar energy across Africa. The fund has attracted investment from prominent investors such as Swedfund, who invested $12 million last year. The American Development Finance Corporation (DFC), Calvert Impact Capital, Ceniarth, the IKEA Bank of America Foundation, Mercy Investment Services, Schmidt Family Foundation, and several individual investors through the Toniic Impact network have also contributed to the fund.
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Sabine Gaber, a member of the OeEB Board of Directors, stated that “off-grid solutions have played a key role in providing clean, affordable and reliable energy, especially to rural populations hence the need for We are therefore proud to team up with SunFunder – an experienced and impact-conscious partner in this field – and to support this innovative fund that improves access to energy for millions of people.”
SunFunder supports off-grid solar systems suppliers in the provision of clean energy to rural areas and businesses. In Nigeria, SunFunder recently invested $4 million in Daystar Power, an industrial and commercial solar services provider.