Crowd Funded Solar Power in Africa
A recent online trend is that of “crowd funding,” in which individuals pool money, either by donation or investment, to finance a project in need. Through websites such as IndieGogo, Kickstarter, CrowdCube and Seedrs, individuals have the opportunity to find and support projects or organizations specifically related to their interests.
A new player in the crowd funding game, SunFunder, uses the online investment platform to facilitate solar energy projects in remote locations without electricity.
While Africa has numerous fossil and renewable energy resources, not more than 20 percent of Africans have easy access to electricity. One solution to the energy challenges in Africa is the installation and implementation of solar energy converters.
Since solar energy requires capital up front in order to create, ship and install solar panels and equipment, SunFunder acts as a means to provide small loans to solar energy companies with the promise of payback of invested funds.
With successful funding for 10 other projects, SunFunder has raised near $140,000 to provide solar energy in countries such as Uganda, Kenya, Zambia and Tanzania. Many of SunFunder’s projects have already seen a 100 percent payback of invested funds.
Currently, SunFunder is working toward providing a loan that will enable farmers to procure solar-powered lights in “off-grid” portions of Uganda.
Click here to check out SunFunder to invest in Africa’s future.