Friday, April 19, 2024

Africa: SunCulture obtains $11 million for its solar-powered irrigation systems

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The solar powered irrigation system supplier SunCulture now has an $11 million line of credit for the dissemination of its solution in Africa. The facility was set up by Triodos Investment Management, Nordic Development Fund (NDF), AlphaMundi and the African Development Bank (AfDB) EIF OGEF. It was part of a transaction arranged by SunFunder.

A consortium of investors is opening an $11 million line of credit for SunCulture, a supplier of solar powered irrigation systems based in Nairobi, Kenya. New financial partners include the Off-Grid Energy Access Fund of the African Development Bank’s (AfDB) Energy Inclusion Facility (OGEF); Triodos Investment Management, the Danish government’s Nordic Development Fund (NDF); and the investment company AlphaMundi.

The entire transaction was arranged by SunFunder, a financing company specialised in solar energy. SunCulture, which has already started drawing on the credit line, believes the facility will make it easier for it to provide solar-powered irrigation systems to farmers in sub-Saharan Africa. Most of these land workers use diesel-powered irrigation systems to irrigate their plots. Thanks to solar pumping, farmers save money while reducing the environmental impact of their farms. Read more…

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