Azuri’s first crowdfunding raises EUR 160,000 for PayGo Solar

The debt finance will enable Azuri’s partner Raj Ushanga House to deploy 1,200 Azuri solar PV home Systems
The debt finance will enable Azuri’s partner Raj Ushanga House to deploy 1,200 Azuri solar PV home Systems

Azuri Technologies (Cambridge, UK) on March 14th, 2017 announced that a TRINE crowdfunding project to bring clean energy to an estimated six thousand people in Kenya has been successfully funded.

The KES 17 million (approx.EUR 106,000) of debt finance will enable Azuri’s partner Raj Ushanga House to deploy 1,200 Azuri solar PV home systems, providing solar power to approximately 6,000 people whilst enabling local businesses to flourish.

The project is TRINE’s first “A” level risk rating to date and is one of the fastest to reach its original fundraising target, well ahead of schedule, Azuri notes.

TRINE aims to tackle energy poverty through closing the gap between private capital in developed countries and local solar partners in emerging markets. In contrast to microfinance where large investors make many small loans, crowd funding allows many small lenders to provide substantial finance to organisations with the reach and scale to deliver significant impact.

The for-profit nature of TRINE means that its projects are economically viable as well as delivering a long-term social and environmental benefit.

“We congratulate Raj Ushanga House and TRINE on this successful and innovative crowd-funding campaign. Crowd funding is clearly no longer just for start-ups and has the potential to provide a new class of capital for energy access,” comments Simon Bransfield-Garth, CEO of Azuri.

 

2017-03-08 | Courtesy: Azuri Technologies Ltd. | solarserver.com © Heindl Server GmbH

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