Bangladesh-based clean energy firm SOLshare successfully closes $1.1m financing round | The Business Standard
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September 21, 2023

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THURSDAY, SEPTEMBER 21, 2023
Bangladesh-based clean energy firm SOLshare successfully closes $1.1m financing round

Corporates

TBS Report
03 July, 2020, 07:00 pm
Last modified: 03 July, 2020, 08:41 pm

Related News

  • SOLshare expands to electric vehicle (EV) batteries
  • SOLshare's IoT revolutionising 3-wheeler EVs in Bangladesh
  • SOLshare tackles energy poverty in Bangladesh's electric three-wheeler market with IoT technology
  • SOLshare, Shakti Foundation interconnect a solar P2P microgrid to the national grid
  • British high commission announces financial support for Solshare

Bangladesh-based clean energy firm SOLshare successfully closes $1.1m financing round

The funding would be used to bring smart solar microgrids to off-grid, underserved communities in Bangladesh

TBS Report
03 July, 2020, 07:00 pm
Last modified: 03 July, 2020, 08:41 pm
SOLshare personnel installing a solar panel. Picture: SOLshare website
SOLshare personnel installing a solar panel. Picture: SOLshare website

Bangladesh-based off-grid solar energy firm SOLshare has successfully closed a $1.1 million financing round.

The financing was secured with help of IIX Impact Partners – a Singapore based debt and equity crowdfunding platform for impact investing.

Investors include innogy New Ventures LLC, the venture capital investment arm of the German utility firm innogy SE, the investment arm of Portuguese utility firm EDP Ventures, as well as new angel investors from around the world.

The funding would be used to bring smart solar microgrids to off-grid, underserved communities in Bangladesh – putting SOLshare on track to positively impact 2.5 million people by 2023.

SMEs like SOLshare, who deliver critical services to underserved communities, are facing exacerbated challenges in accessing finance. To support SMEs in raising capital, IIX leveraged on-the-ground data-driven insights to provide businesses and investors with comparative, standardised information on risk, return, and impact (RRI). This used to be used to create risk mitigation strategies, make capital allocation decisions plus more effectively and transparently drive capital towards where it is needed most.

SOLshare Managing Director (MD) Dr Sebastian Groh said: "The SOLshare team had been working on a financing round for many months and Covid-19 was an additional unexpected challenge. Thanks to the tremendous support of existing investors, support partners and mentors the company was able to move forward. We are thrilled that investors recognise the critical need on the ground, especially in some of the most vulnerable communities in the world who risk losing access to clean energy as well as the great potential SOLshare has to show the path into a better energy future."

IIX Chief Investment Officer and MD of Portfolio Management Robert Kraybill said: "IIX is thrilled to continue supporting SOLshare, following our 2018 investment through our IIX Growth Fund. Over the past decade, IIX has built a highway of support for enterprises across their stages of growth, effectively connecting them to capital markets through Impact Partners."

"With investors reeling from the market meltdown, we believe that RRI investment strategies will become the new norm. Investors who can assess opportunities through the lens of risk-return-impact can look to make attractive returns from investing in Covid-19-resilient businesses while creating a positive impact for people and the planet," he added.

innogy New Ventures LLC MD Stefan Padberg said, "We are doubling down on SOLshare's vision and mission, which continues to prove to the world that a deep commitment to underserved communities pays off for investors. We are excited to be a part of this journey to make affordable clean energy accessible to everyone."

Before the pandemic, SMEs formed the backbone of the global economy – making up over 90 percent of all firms, 70 percent of total employment and 50 percent of gross domestic product.

The United Nations highlights that Covid-19 threatens to have devastating consequences in least developed countries (LDC) like Bangladesh, and may undo progress achieved towards sustainable development if SMEs are not provided with support quickly.

SOLshare is in discussions with the United Nations High Commissioner for Refugees (UNHCR) office in Bangladesh for supplying smart solar microgrids to the Rohingya refugee camps where currently more than 800,000 Rohingyas reside.

The firm also announced on Friday that it has won the Ashden Award in the energy access category for Finance and Business Model Innovation, a gala ceremony referred to as the Green Oscars at the Royal Geographic Society in London, UK.

Ashden spotlights and supports climate and energy innovators around the world – including businesses, nonprofits and public sector organisations which deliver proven, ready-to-scale climate solutions.

Bangladesh has six million solar home systems installed – making it the country with the highest number of such systems in the world. However, more than half of Bangladesh's population has no access to electricity and demand has reached nearly double the country's generating capacity.

Asia and the Pacific region are home to the majority of the world's energy poor, with an estimated 700 million people without access to electricity.

Top News / Energy

SOLshare

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