SunCulture secures US$11m from investors for its solar powered irrigation systems

KENYA – A consortium of investors is availing an US$11 million line of credit for SunCulture, a supplier of solar powered irrigation systems based in Nairobi, Kenya for the dissemination of its solution in Africa. The new financial partners include the Off-Grid Energy Access Fund of the African Development Bank’s (AfDB) Energy Inclusion Facility (OGEF); Triodos Investment Management, the Danish government’s Nordic Development Fund (NDF); and the investment company AlphaMundi. The entire transaction was arranged by SunFunder, a financing company specialised in solar energy. SunCulture, which has already started drawing…

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Kenya’s SunCulture raises US$14m from EAV to distribute solar powered water pumps

KENYA – Kenyan start-up SunCulture, a provider of solar water pumps for irrigation, has raised US$14 million from Energy Access Ventures (EAV), Electricité de France (EDF), Acumen Capital Partners (ACP) and Dream Project Incubators (DPI). This funding will be used to disseminate its solutions in seven African countries. The young company has carried out the financial mobilisation which has enabled it to secure US$14 million. The funds were raised from four investors, including Energy Access Ventures (EAV), Electricité de France (EDF), Acumen Capital Partners (ACP) and Dream Project Incubators (DPI).…

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IFC partners Agricultural bank of Egypt to help farmers access financing for solar irrigation

 EGYPT – IFC, a member of the World Bank Group, and the Agricultural bank of Egypt (ABE) announced a partnership to help of Egyptian farmers access financing to purchase solar irrigation systems, reducing their reliance on diesel-powered generators and boosting their productivity. Through the partnership, IFC will help ABE build capacity and design new financial products to enable Egyptian farmers, most of whom lack direct access to grid electricity, to purchase and install solar irrigation pumps. “Expanding the use of solar energy technology among farmers is part of our strategy…

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