Toronto, Ontario (PRWEB) July 18, 2014
SunFarmer, a nonprofit bringing reliable solar energy to hospitals, schools, and other institutions lacking critical energy access, announced today that six health clinics in rural Nepal have installed rooftop solar thanks to SunFarmer’s innovative rent-to-own financing model. The six clinics, all located in the remote Achham District in Nepal, now have access to reliable, off-grid solar energy under an eight year rent-to-own contract that includes operation and maintenance services. Stories from the six clinics may be found here: http://projects.sunfarmer.org/.
Despite the fact that the developing world represents a multi-billion dollar market, low-cost solar financing arrangements like SunFarmer’s rent-to-own model are rare due to a lack of long-term project finance capital and a dearth of experienced project financiers who understand local markets. SunFarmer, a SunEdison Rural Energy Fund Initiative, is able to step into underserved markets like Nepal with philanthropic capital and solar development expertise. In the short term, this first mover capital provides the financing that is needed to enable critical energy access. In the long term, SunFarmer’s financing arrangements will establish a track record that demonstrates that off-grid energy investments can be high impact and low risk.
“Project financing in off-grid clean energy markets is still in its infancy,” said Jason Gray, Co-Founder, SunFarmer. “But, our rent-to-own financing model is a game changer for communities and investors alike because it is paving the way for bankable energy access markets that align investors with social impact.”
“The six solar installations in the Achham District are a good example of how a remote community with very limited grid access and financial services can become a hub of solar development given the right partners and financing tools. Establishing a track record here will not only provide critical energy access to over 67,000 people, it will have implications for many other developing markets as well,” said Andy Moon, Co-Founder, SunFarmer.
SunFarmer, a U.S. and Canadian non-profit, is a SunEdison Rural Energy Fund Initiative dedicated to providing hospitals, schools, and other critical services organizations in impoverished and rural areas with access to reliable and renewable energy. By matching donations from individuals, institutions and foundations with organizations in need of long-term, low cost financing, SunFarmer fills a critical gap in off-grid solar finance that enables essential health and human services. To read more about SunFarmer’s Rent-to-Own Financing Model, visit our blog: https://www.sunfarmer.org/sunfarmers-rent-to-own-solar-finance-model/.