The fund closed at US$21 million and is backed by the Overseas Private Investment Corporation (OPIC), MCE Social Capital and The Rockefeller Foundation.
“OPIC is proud to partner with SunFunder in delivering innovative financing solutions for off-grid and grid-deficit solar energy in developing countries,” said Elizabeth Littlefield, OPIC’s President and CEO.
Th new fund will ensure SunFunder’s size and range of debt finance offerings for solar in Africa, Asia and other emerging markets increases, and also gives it the opportunity to raise more funds to impact the solar sector in the coming years.
The funds would be immediately disbursed to SunFunder’s pipeline of solar projects and businesses needing debt finance to scale.
SunFunder will also move into commercial-scale project financings, and expand some of its new financial products for the sector, such as SAFI (our structured receivables finance solution for pay-as-you-go solar companies).
Based in San Francisco and Tanzania, SunFunder has a mission to unlock capital for solar energy in emerging markets, where over 2.5 billion people live without access to reliable energy.