Renewable energy financing platform SunFunder has stated that since its launch in July of 2012 the crowdfunding site has financed $1.75 million in loans for 39 different projects. Of those 39, 19 loans have been fully repaid for a total of $421,000. SunFunder is a site that targets off-grid communities to help finance renewable energy projects. SunFunder views renewable energy as a catalyst in fighting poverty and aiding economic growth.
SunFunder also notes they have had a zero percent default rate so far:
“To date, SunFunder has maintained a 0% default rate from its solar partners and strives to keep the rate below 5%. Short loan tenor is among the many factors that contribute to the successful maintenance of a low default rate. Other factors include rigorous due diligence process and a robust risk portfolio management system to track the financial and management health of our solar partners throughout the length of the loan.”
SunFunder focuses on short term loans of 36 months or less. Many of their projects are for rural African communities.
Late last year SunFunder received a Series A funding from Khosla impact to grow their solar energy platform.
