The investment service Trine recently closed €750 000 in debt finance to Redavia, an industry leader in offering solar farms to businesses in East and West Africa.
The first loan is a part of a total facility of EUR 5 million and was fully funded in less than 5 hours, making it the fastest loan funded through Trine’s impact investment platform to date.
“The fast pace of closing this loan is yet another proof point that there is a huge appetite for investing in clean energy and Trine is committed to our promise of providing long-term funding partnerships to help the most innovative companies scale their business. We look forward to being a part of REDAVIA’s journey as they continue to expand their operations in Kenya, Ghana and Tanzania”, said Sam Manaberi, co-founder and CEO of Trine.
More than 1,400 investors took part in the first loan to REDAVIA and the investment will enable REDAVIA to scale up its operations, contribute to green jobs and sustainable growth by installing 11 solar sites with a peak production capacity of 1.5 Megawatts across Ghana.
“REDAVIA is one of the companies in the Commercial and Industrial sector that has been operating the longest in sub-Saharan Africa and has already demonstrated a capacity to deploy, operate and grow a portfolio of assets. The company has a unique approach in the market with their standardised units, offered towards a well-defined customer segment. This first loan is the beginning of what we see as a long-term partnership and we look forward to scale with them as they expand their portfolio rapidly over the coming years”, said Andrew Githaiga, Investment Manager at Trine.
“On behalf of the entire REDAVIA team and customer portfolio, I am very grateful for the record-breaking success of this first investment opportunity and the start of a long-term, win-win partnership with Trine. This success further validates REDAVIA’s unique approach in the solar-for-business segment and we look forward to helping more African businesses optimize their power cost, reduce their carbon emissions, and grow sustainably in the coming years”, said Erwin Spolders, Founder & CEO of REDAVIA.
About Trine
Trine is an investment service providing debt capital to innovative solar-focused businesses in emerging markets. Our financing is designed to cover the CapEx of the solar systems with terms that are tailored to each borrower. We commit to long-term funding partnerships to help scale your business. Trine has over 11,000 investors across Europe and 28 borrowers operating in 16 different countries. Learn more at www.trine.com
About REDAVIA
REDAVIA offers solar power for businesses and communities in West and East Africa. The REDAVIA system is based on a pre-configured model, including high-performance solar modules and electrical components. It is easy to ship, set up, scale and redeploy. Businesses and communities benefit from a cost-effective, reliable, clean energy solution with minimal upfront investment or technical skills. www.redaviasolar.com
Source: https://trine.com/news/debt-financing-round-closed-in-5-hours