Uganda-based SolarNow has entered into a $9 million debt deal with its long-term financier SunFunder and co-lenders OikoCredit, to raise funds for off-grid solar systems deployment in the country.
The firm, known for retailing and financing solar home system, will utilise the funds to deploy 17,500 new off-grid solar systems, which SunFunder’s estimates will provide 2.5 MW solar energy.
The project will enable over 70,000 women access renewable energy. This will reduce emission of greenhouse gases from kerosene by 210,000 tonnes.
The debt deal comes three months after the company raised US$ 740,000 from the Mastercard Foundation Fund for Rural Prosperity.
Previously, SolarNow received $25 million from Overseas Private Investment Company’s Solar Transformation Fund.
SolarNow was founded in 2011 and has so far it has raised more than $30 million through various deals.