The transaction marks first debt funding attracted by PAYG Solar sector in Southeast Asia
SINGAPORE, Oct. 31, 2017 /PRNewswire/ -- SolarHome, the pioneer in Pay-As-You-Go ("PAYG") Solar for off-grid households in Southeast Asia, secured its first debt funding. The new financing comes on the heels of the pre-Series A equity funding round that the company recently closed. Impact Investment Exchange (IIX), a global leader in impact investing, played a pivotal role in the securing of this financing by providing the company with impact assessment and technical assistance services as well as connecting SolarHome with its debt-provider Kiva, an online lending platform connecting lenders to entrepreneurs. This support was provided as part of the award-winning IIX Acceleration for Capacity-building and Technical Services (IIX ACTS) program in partnership with USAID.
The incremental funding will be used to support 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 across Myanmar 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). SolarHome was seeded and developed by FORUM, the largest fintech venture builder in Emerging Asia.
CEO of SolarHome, Ted Martynov, commented: "The achievement of first debt 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.
Impact Investment Exchange (IIX) is a Singapore-based impact enterprise that builds pathways to connect backstreets of underserved communities to the Wall Streets of the world through impact investing. IIX investment platforms and innovative financial products enable impact enterprises to accelerate their business and scale their positive impact while pushing the impact investing space from the margins to the mainstream. IIX also operates Impact Partners, a private platform that connects Impact Investors with a select group of pre-screened Impact Enterprises seeking investment capital. To date, the work of IIX has spanned 20 countries and continues to expand with the mission of unlocking US$5.6 billion of impact investment capital, impacting 300 million lives by 2022.
FORUM (www.forum-cap.com) is the largest fintech venture builder in Emerging Asia, focused on the $500 bln growth opportunity in the Consumer Lending vertical. We identify unique market segments for rapid value creation and build market-leading companies for capital gain. We are currently developing four companies across Asia: CredoLab (www.credolab.com), AsiaCollect (www.asia-collect.com), SolarHome (www.solar-home.asia) and AsiaKredit (www.asiakredit.com). FORUM is headquartered in Singapore.