December 5 (Renewables Now) - Off-grid solar solutions provider SolarHome has obtained USD 10 million (EUR 8.8m) in debt financing to enhance its home solar business in Myanmar.
The Singapore-based company offers solar home systems and financing schemes to off-grid households across Southeast Asia through the pay-as-you-go (PAYG) model. It says it has already installed almost 28,000 home photovoltaic (PV) systems for off-grid households in Myanmar, the main country of its business, while the fresh funds will enable it to lift their number to 100,000 by the end of next year.
The latest financing was secured from a group of international investors, among which are Japanese crowdfunding platform Crowdcredit and Swedish sector player Trine. It comes on top of a deal from earlier this year under which the company raised USD 4.2 million from selling convertible notes to international investors.
(USD 1.0 = EUR 0.882)