Solar startup ecoligo has funded the first project through its crowdinvesting platform in just 6 days. In total, fifty-four investors financed a 66 kWp solar installation for a flower farm in Thika, Kenya.
The investment sum of €107,000 will finance the first of two solar systems for the farm. All investors received an early-bird investment bonus that was valid in the first 7 days and will earn 5.5% on their investments, which will be repaid over the next 5 years.
Markus Schwaninger, CFO of ecoligo, was impressed by the speed the project was financed at. “While bridging the finance gap preventing these projects from being built was our key motive for founding ecoligo, we also know that there are not enough vehicles for people to make transparent, sustainable investments. That our first project was funded so quickly shows an evident demand for such investment opportunities. We see this as a great opportunity to mutually solve issues of the developed and developing world.“
Crowdinvesting has seen major growth in recent years, allowing private investors to invest directly in areas such as real estate and energy. ecoligo aims to enable citizen participation in the ‘Energiewende’ on an international scale and plans to finance projects in more emerging markets this year, mostly in Sub-Saharan Africa.
Following the quick funding of its first project, ecoligo has decided to open its second project to crowdinvestors on 19. April. The project will finance the second solar system for the Fairtrade and MPS certified farm and has a base interest rate of 5%, with a running time of 5 years. With total annual CO2 savings of 184 tonnes, the two solar systems help the farm to meet its environmental objectives.
As with the first project, the investment will be provided in the form of a loan to ecoligo’s partner in Kenya, Ariya Leasing, who will manage the project. Once built, the farm will be able to receive solar energy at a lower cost than from the national grid. As Ariya Leasing will repay the loan in Euros, the project holds no currency risk. Allianz Climate Solutions will support ecoligo as a technical advisor in the assessment of the solar projects.
ecoligo was founded by Martin Baart and Markus Schwaninger after the two met at a solar conference in Kenya. They share 20 years of solar project management and finance between them and are both certified experts in the field.
The second solar project will be open to private investors from Germany on April 19, 2017. More information here: https://invest.ecoligo.com/penta-flowers-2.
ecoligo is a solar utility that provides low-cost solar energy to businesses in emerging markets. By financing the solar systems through a crowdinvesting platform, ecoligo closes the finance gap that prevents these projects from being realised. Investments on the ecoligo platform not only provide attractive returns, but save CO2 and support the local economy. Find out more at ecoligo.com.