SolarHome Attracts First Debt and Grant Funding
Singapore, October 27, 2017 — SolarHome, the pioneer in Pay-As-You-Go (“PAYG”) Solar for off-grid households in Southeast Asia, secured its first debt and grant funding. The new financing comes on the heels of the pre-Series A equity funding round that the company recently closed. The debt funding was provided by Kiva, world’s first online lending platform connecting online lenders to entrepreneurs in developing countries. The grant funding was provided by USAID, and is earmarked for a social impact study of SolarHome’s operations. In the securing of this financing, SolarHome was advised by Impact Investor Exchange (IIX), the Singapore-based pioneer of impact investing in Asia.
The incremental funding will be used for supporting the rapid growth of SolarHome’s installed system base in Myanmar. In the recent months, SolarHome ramped up its installations run-rate to over 150 systems per week. It now operates out of four hubs in Pathein, Myaung Mya, Hinthada, and Pyapon with a captive field force of over 30 sales representatives and installers. SolarHome has also become a member of the IFC Global Lighting Program as well as the Global Off-Grid Lighting Association (GOGLA).
CEO of SolarHome, Ted Martynov, commented: “The achievement of first debt and grant funding is a major milestone for SolarHome. As a pioneer of affordable clean energy for off-grid communities in Southeast Asia, we are dealing with an addressable market of 27 million households and over $3 bln of annual spend on legacy energy sources. We are honored to see that our high social impact business model continues to attract such high caliber investors and partners as IFC, USAID, Kiva, IIX, GOGLA. We believe that this development serves as very important validation by the market of the strength of our international team and of our execution track record. We look forward to putting this funding to work for the benefit of the off-grid communities in which we operate.”
SolarHome (www.solar-home.asia) is the pioneer in Pay-As-You-Go (“PAYG”) Solar for off-grid households in Southeast Asia. SolarHome installs integrated solar energy and appliance units in customers’ homes, and offers radically affordable “rent-to-own” plans of energy service subscription. This dramatically lowers the barriers to adoption of solar technology by the bottom-of-pyramid clients. SolarHome is delivering a significant social impact in its addressable market of 27 million households across Southeast Asia living outside of the electric grid. Headquartered in Singapore, SolarHome presently operates in Myanmar. SolarHome was seeded and developed by FORUM, the largest fintech venture builder in Emerging Asia.
For enquiries please contact:
Greg Krasnov, Chairman
SolarHome Pte. Ltd
111 North Bridge Road
#08-18 Peninsula Plaza
+65 8315 5349