SunFarmer’s Rent-to-Own Financing Unlocks Off-Grid Solar Development and Enables Key Health Services for Clinics in Nepal
Brooklyn, NY (PRWEB) June 04, 2014 -- SunFarmer, a U.S.-based nonprofit bringing reliable solar energy to hospitals, schools, and other institutions lacking critical energy access, announced today that it is providing long-term financing for six off-grid solar installations for Possible Health clinics in Western Nepal. These solar projects will provide reliable electricity that will enable the clinics to provide essential medical services to over 67,000 people in Achham District, Nepal.
The six Possible Health solar installations are scheduled for completion in June and will be paid back quarterly under an eight year loan and service agreement. When completed, these projects will provide electricity to three clinics that presently have no existing electricity source and three clinics that consistently experience upwards of 20 hours of energy blackouts each day.
The benefits of reliable solar energy for impoverished rural communities are profound, ranging from enabling basic life saving medical procedures to providing lighting and sterilization. However, the long-term financing needed to make solar systems a reality at health clinics and other institutions is largely inaccessible due to a lack of local financing options. SunFarmer is filling this financing gap by working with local institutions like Possible Health to structure long-term, affordable “rent-to-own” debt financings from donor contributions. In addition to providing financing, SunFarmer is involved with each project from concept to operation, identifying local project partners, ensuring design and installation best practices, and providing long-term operational and maintenance support.
“Off-grid energy markets are gaining traction with investors, but the lack of long-term capital is the achilles heel of this sector. We believe that SunFarmer can demonstrate that these off-grid markets are low risk, high impact, and can attract the long-term capital that is need to see real growth,” said Jason Gray, Co-Founder, SunFarmer.
“Having access to an affordable and reliable energy source will transform the health services we are able to offer the communities we operate in,” said Duncan Maru, Chief Programs Officer and Co-Founder of Possible Health. “We can now ensure that local healthcare workers have lighting and are able to power the medical equipment that is needed to provide basic healthcare.”
About SunFarmer
SunFarmer, a 501c3 U.S. public charity, 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/
http://www.sunfarmer.org
About Possible Health
Possible is a nonprofit healthcare company that delivers high-quality, low-cost healthcare to the world’s poor. We are pioneering a new approach, called durable healthcare, that brings together the best of private, public, and philanthropic models. Since 2008, Possible has treated over 167,000 patients in rural Nepal through government hospitals, clinics, community health workers, and a referral network. Visit us at http://www.possiblehealth.org
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Kyla Westphal, SunFarmer, http://www.sunfarmer.org, +1 (415) 307-9547, [email protected]
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