Berlin-based Solar crowdfunding platform ecoligo has quickly funded its first project. Taking just 6 days, ecoligo raised €107,000 from 54 investors to help finance a 66kWp solar installation in Thika, Kenya. The platform added that all investors received an early-bird investment bonus that was valid in the first 7 days and will earn 5.5% on their investments, which will be repaid over the next 5 years.
Markus Schwaninger, CFO and co-founder of ecoligo, said the quick turnaround was indicative of solid demand for this type of investment;
“While bridging the finance gap preventing these projects from being built was our key motive for founding ecoligo, we also know that there are not enough vehicles for people to make transparent, sustainable investments. That our first project was funded so quickly shows an evident demand for such investment opportunities. We see this as a great opportunity to mutually solve issues of the developed and developing world.“
ecoligo, a platform built using CrowdDesk technology, is on a mission to empower citizen participation in the “Energiewende” (German for energy transition) on an international scale and plans to finance projects in more emerging markets this year, mainly in Sub-Saharan Africa.
“The rapid funding of the first project clearly shows the need for sustainable investment opportunities,” stated CrowdDesk founder and managing director Johannes Laub.
Ecoligo Managing Director Martin Baart added;
“The high electricity costs in Kenya not only means that local companies are threatened with by their ability to compete but are also linked to the economic development of the country. Although solar systems are technically and financially attractive solutions, they are not financed due to structural problems. Ecoligo solves this financing problem and offers investors in Germany a financial investment with socioeconomic added value. “
Following the quick funding of its first project, ecoligo has moved to open its second project to investors on April 19th. The forthcoming project will finance the second solar system for the Fairtrade and MPS certified farm and has a base interest rate of 5%, with a running time of 5 years. As with the first project, the investment will be provided in the form of a loan to ecoligo’s partner in Kenya, Ariya Leasing, who will manage the project.
Once built, the farm will be able to receive solar energy at a lower cost than from the national grid. As Ariya Leasing will repay the loan in Euros, the project holds no currency risk. Allianz Climate Solutions will support ecoligo as a technical advisor in the assessment of the solar projects.
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