The Myanmar-based pay-as-you-go solar provider closed a $1 million convertible note from the Insitor Impact Asia Fund, a Phnom Penh-based impact investor. The funding brings SolarHome’s total capital raised to $5 million.
More than 150 million people live off-grid in Southeast Asia and spend $3 billion each year on lighting and heating substitutes, like kerosene. With the new funding, SolarHome will expand across Myanmar, and into Cambodia and Indonesia by the end of this year. The firm also plans to offer more premium products.
“With this round, SolarHome is on track to hit EBITDA breakeven by end of this year, after which we will see significantly lower reliance on equity capital to finance our operations,” said SolarHome CEO Ted Martynov. Last year, the company received a $50,000 loan from microfinance non-profit Kiva to install over 15,000 units.