Project area: Solar energy
Project name: Seeking to scale up capacity and increase market share
Company/Promoter description: SunPower Sustainable Energy Limited deals in solar energy systems for power and water uses. The company’s water and energy solutions help create resilient and sustainable communities. Products include solar water pumps, irrigation systems, solar home lighting, and solar water treatment systems. Company clients include farmers (commercial and non-commercial), businesses, contractors, NGOs, etc.
Project Description: In Uganda, there are 4 million houses living off the grid. The company sells solar systems using a credit arrangement. To date, SunPower has sold 700 (systems and reached 5,000 people) throughout Uganda. The company foresees opportunities for its customers to earn from selling their surplus power to their neighbors. To be able to many rural customers, who lack financial resources, substantial product price reductions will be needed. The said reductions will, in turn, require sizeable equity investment. Therefore, in order to reduce the price, SunPower will need substantial equity investments.
Project objectives: To reach 200,000 customers by 2026. Long-term target is 1,000,000 customers.
Promoter contribution: Financing staff payroll and working capital expenses.
Partnership Request: Seeking EUR 1,060,000 in exchange for equity in the business.