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.”
Late last year SunFunder received a Series A funding from Khosla impact to grow their solar energy platform.