2030 Finance | December 10, 2018

SolarHome crowdsources $10 million in debt

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, December 10 – The Myanmar-based distributor of pay-as-you-go home solar systems has raised a new round of debt funding from international investors, including two crowdfunding platforms: Crowdcredit in Japan and Trine in Sweden.

SolarHome launched in 2017 to improve access to energy for the more than 150 million people in Southeast Asia without electricity. The company has installed about 28,000 systems, starting with about 600 per month in its early days and growing to about 3,000 per month today.

SolarHome’s pace of growth is thanks to $50,000 in early debt financing from Kiva and a $4.2 million convertible note it raised in July. The company follows other solar ventures like BBOXX in tapping crowdfunding as a source of growth capital.

With its latest round of funding, SolarHome is looking to reach 100,000 households and expands its products to include “bundled” systems capable of lighting, phone charging and powering a television.