Simusolar Inc.

Period

2021

Country

Tanzania, Uganda

Sector

Renewable energy

Financial facility

ElectriFI

ElectriFI invested USD 1.5 m in quasi-equity, to strenghten the operations of Tanzanian solar-powered equipment company, Simusolar, in Tanzania and Uganda

Project overview

ElectriFI committed USD 1.5 million to enable Simusolar to strengthen its operations in Tanzania and Uganda, reaching out to a total of ~27,000 beneficiaries. The objective of this investment opportunity is to create long-term impact via productive use equipment that directly increases income of smallholder farmers and fishermen.

Simusolar is a company established in Tanzania focused on creating solar-powered equipment that has a direct impact on productivity. The company provides and finances accessible, affordable and energy-efficient solar-powered water pumps and fishing lights, meeting the needs of rural smallholders and fishermen.

Funding objective

EDFI ElectriFI invested USD 1.5M in Simusolar Inc. alongside other financiers, enabling the company to strengthen its operations in Tanzania and Uganda, reaching out to a total of ~27,000 beneficiaries. The objective of this investment opportunity is to create long-term impact via productive use equipment that directly increases income of smallholder farmers and fishermen.

Investment rationale

EDFI ElectriFI is supportive of Simusolar business model as it effectively enables smallholders to increase their irrigation capacity and harvesting and generate more output. Solar-powered equipment are substitutes of costly and polluting diesel generators or petrol-powered equipment.