Solar investment marketplace Trine is reporting that a debt offering seeking €750 000 closed in just 5 hours, the fastest loan funded through Trine’s impact investment platform to date.
The investment platform said that the debt financing for Redavia, a firm offering solar farms to businesses in East and West Africa, saw over 1400 investors participate in the securities offering.
The first loan is a part of a total facility of € 5 million. The investment will enable Redavia to scale operations, contribute to green jobs and sustainable growth by installing 11 solar sites with a peak production capacity of 1.5 Megawatts across Ghana.
“The fast pace of closing this loan is yet another proof point that there is a huge appetite for investing in clean energy and Trine is committed to our promise of providing long-term funding partnerships to help the most innovative companies scale their business. We look forward to being a part of REDAVIA’s journey as they continue to expand their operations in Kenya, Ghana and Tanzania”, said Sam Manaberi, co-founder and CEO of Trine.
Andrew Githaiga, Investment Manager at Trine, said that Redavia has demonstrated a capacity to deploy, operate and grow a portfolio of assets.
“The company has a unique approach in the market with their standardized units, offered towards a well-defined customer segment. This first loan is the beginning of what we see as a long-term partnership and we look forward to scale with them as they expand their portfolio rapidly over the coming years.”
Erwin Spolders, founder & CEO of REDAVIA, said he was grateful for the record-breaking success of the offering that validated Redavia’s unique approach in the solar-for-business segment:
“…we look forward to helping more African businesses optimize their power cost, reduce their carbon emissions, and grow sustainably in the coming years.”
Trine claims over 11,000 investors across Europe and 28 borrowers operating in 16 different countries. Trine AB is a Swedish authorized payment institution under the supervision of The Swedish Financial Supervisory Authority (Finansinspektionen).