ecoligo opens Kenyan solar project for crowdinvesting
ecoligo has launched a new project on its crowdinvesting platform, shortly after installation has begun on the startup’s first two crowdfinanced solar systems. The financing volume is 144,000 €.
The latest project will finance two systems for Bondet Farm, a flower farm in Nanyuki, at the base of Mount Kenya. This will provide a total capacity of 118.9 kWp of solar electricity to the farm, which is part of the Kariki Group. Kariki Group employs over 1,300 people and is a member of Kenya Flower Council (KFC). It is KFC silver and GLOBALG.A.P. certified and is currently in the process of becoming MPS and Fairtrade certified.
After completion, the solar systems will supply the majority of Bondet Farm’s daytime electricity and at peak times will provide 100% of the farm’s required power. This will save 117 tonnes of CO2emissions per year. Investors into the project will receive 5.0% interest over 5 years and can invest from 500€. They will receive an early-bird bonus of 0.5% if they invest in the first 10 days.
In a similar format to that of ecoligo’s first project, Ariya Leasing will receive the investment in the form of a loan and will manage the project. Ariya Leasing, ecoligo’s partner in Kenya, is a wholly owned subsidiary of Ariya Capital Ltd., a project developer and investor into renewable energy solutions.
“We are committed to providing businesses with access to clean, affordable solar power, particularly in the agricultural sector. By providing electricity for our customers through cost-effective leasing models, we can effectively reach this goal. We are very pleased with the success of the Penta Flowers project and are happy to work with ecoligo again.”– Dr. Herta von Stiegel, Executive Chair
ecoligo raised a total of 260,000€ in April this year to supply Penta Flowers farm with a total of 198 kWp of solar electricity. Sustainable Power Systems Ltd., an installation company working in cooperation with Ariya Leasing and ecoligo, began the installation of the solar systems in July. The project is expected to start generating electricity in August. More information can be found here.
ecoligo was founded in 2016 by Martin Baart and Markus Schwaninger, whose extensive experience in the markets demonstrated the clear need for renewable energy finance.
“We are very pleased with the progress of the Penta Flowers project, which is also a testament to the professionalism of Ariya Leasing. We look forward to seeing many more projects implemented through this partnership. Bondet Farm of Kariki Group is the next step in this,” says Markus Schwaninger, CFO.
ecoligo’s founders are both certified experts in renewable energy finance and the company is supported by Allianz Climate Solutions as a technical advisor in the assessment of the solar projects. The Bondet Farm project opened to private investors at on August 3.
ecoligo is a solar utility that provides low-cost solar energy to businesses in emerging markets. By financing the solar systems through our crowdinvesting platform, we close the finance gap that prevents these projects from being realised. Find out more at ecoligo.com.