SolarNow closes $9 million financing facility for off-grid PV in Uganda

Off-grid solar company SolarNow, based in Kampala, Uganda, closed its largest-yet receivables financing facility with Nairobi-based SunFunder, social impact investor and worldwide cooperative Oikocredit and the climate fund managed by Swiss Responsability Investments AG.
The $9 million facility is SolarNow’s third structured asset finance instrument (SAF) arranged by SunFunder. It will enable the company to deploy 17,500 new off-grid solar systems to customers in Uganda, along with a range of appliances. The new systems will amount to around 2.5 MW of new installed off-grid solar capacity.
It is the second time that Oikocredit and a Responsability-managed private debt fund have participated with SunFunder to finance the company, after a similar $6 million syndication 14 months ago.

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