SunFunder completes US$70mn solar electricity fund

SunFunder 11 MarchSunFunder has completed the financial mobilisation to feed its Solar Energy Transformation (SET) fund, worth US$70mn

The multi-investor fund has been closed thanks to an investment by Oesterreichische Entwicklungsbank AG (OeEB).

They join other institutional, impact, foundation and individual investors in the blended finance vehicle focused on distributed solar and storage investments in Africa and Asia that help to mitigate climate change and improve energy access.

The SET Fund has received investments from Swedfund, Bank of America, Mercy Investment Services, the Schmidt Family Foundation and several individual investors, including from the Toniic impact investor network. They followed anchor first close investors the US Development Finance Corporation (DFC), Calvert Impact Capital, Ceniarth and the IKEA Foundation. DFC is also a risk tool partner of the SET Fund, alongside Sida and MFX Solutions.

Ryan Levinson, CEO of SunFunder, said, “We are so grateful to our new investor partners who believed in us and worked so hard to close the SET Fund, especially during a year with so many new challenges and uncertainties. Thanks are also due to our anchor investors who have now made repeat investments in our work over the years. We look forward to building on these new and existing partnerships as we expand our climate and energy access investments through SET and beyond.”

"SunFunder’s financing to expand access to clean, reliable energy to those living beyond the grid is having life-changing impacts for families across Africa. Not only does it create environmental and health benefits, but families are able to redirect energy savings to food, education and health care,” commented Sarah Smith, director of Mercy Partnership Fund.


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