YANGON, DECEMBER 9, 2020 — SolarHome, a pioneer in Pay-As-You-Go (PAYG) solar for off-grid households in Myanmar, today announced the closing of its Series A-2 Equity round.
The Series A-2 Round, led by TRIREC and Insitor Impact Asia Fund, brings in new investors Anthem Asia Myanmar SME Venture Fund, one of the leading institutional investment funds in Myanmar, as well as DPI Energy Ventures, one of the top renewables-focused investment funds in the Asia Pacific region.
SolarHome has shown strong operational performance and resiliency in 2020, navigating numerous COVID-19 waves and corresponding shutdowns in the country. Over the past six months, SolarHome has provided solar energy solutions to an additional 4,800 rural households.
Geert Jan Ten Hoonte, SolarHome’s CEO, said, “We are excited to welcome new investors Anthem Asia and DPI Energy Ventures to our investor group, and are grateful for the continued support of our previous investors TRIREC, Insitor, Great Noble, and FORUM, who also participated in this round. The new capital serves as a strong validation to the correctness of our strategy, which has enabled us to bring operations closer to EBITDA breakeven since the beginning of this year despite a very challenging environment. With the new financing, I am confident that we will be able to continue to scale SolarHome’s business and deliver impactful value to our customers, investors and partners as we enter the next stage of growth.”
Since its founding in 2017, SolarHome has achieved market leadership in Myanmar by launching an extensive product range addressing all segments of market demand. The Company has also raised over US$8 million in debt and equity from leading impact and angel investors and served over 35,000 homes across Myanmar. SolarHome’s social enterprise leadership has been recognised by CleanTech APAC’s 25 List of Most Innovative Companies, as well as E27’s Top 10 Social Impact Start-ups in Southeast Asia.
SolarHome is the pioneer in Pay-As-You-Go (“PAYG”) Solar for off-grid households in Myanmar. SolarHome installs the IFC-World Bank’s Lighting Global certified integrated solar energy and appliance units in customers’ homes and offers radically affordable “rent-to-own” plans of energy service subscription. This dramatically lowers the barriers to adoption of solar technology by the bottom-of-pyramid clients. SolarHome is delivering a significant social impact in its addressable market of over eight million households in Myanmar living outside of the electric grid.