Sunfunder Sets up USD70 Million for Solar and Storage in Africa and Asia

  • SunFunder has fully closed the oversubscribed $70 million Solar Energy Transformation (SET) Fund, following an investment by OeEB, the development bank of Austria. 
  • They join other institutional, impact, foundation and individual investors in the blended finance vehicle focused on distributed solar and storage investments in Africa and Asia that help to mitigate climate change and improve energy access.

The SET Fund has received investments from Swedfund, Bank of America, Mercy Investment Services, The Schmidt Family Foundation and several individual investors, including from the Toniic impact investor network. They followed anchor first close investors the US Development Finance Corporation (DFC), Calvert Impact Capital, Ceniarth and the IKEA Foundation. DFC is also a risk tool partner of the SET Fund, alongside Sida and MFX Solutions.

“We are so grateful to our new investor partners who believed in us and worked so hard to close the SET Fund, especially during a year with so many new challenges and uncertainties. Thanks are also due to our anchor investors who have now made repeat investments in our work over the years. We look forward to building on these new and existing partnerships as we expand our climate and energy access investments through SET and beyond.”

Ryan Levinson, CEO of SunFunder

SunFunder was recently recognized again on the ImpactAssets 50 list of leading impact fund managers for delivering environmental, social and economic impact.

Author: Bryan Groenendaal

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