Installation of solar panels in Africa. Image by: Mitsubishi Corp (www.mitsubishicorp.com).
September 7 (Renewables Now) - Swedish development finance institution Swedfund is investing USD 12 million (EUR 10m) in SunFunder’s Solar Energy Transformation (SET) Fund, which will support distributed solar and storage projects in emerging economies.
Swedfund’s backing brings the total commitments to the SET Fund up to USD 60 million and allows SunFunder to close all the junior capital in the fund, leaving USD 10 million available to senior investors.
In addition to Swedfund, other anchor investors include DFC, Calvert Impact Capital, Ceniarth and IKEA Foundation.
Solar financier SunFunder said in a statement it has now unlocked more than USD 150 million in debt financing and made loans to more than 50 off-grid solar firms across sub-Saharan Africa and other regions.