SolarHome raises US$ 1 million follow-on equity from Trirec
Yangon: SolarHome, the pioneer in Pay-As-You- Go solar for off-grid households in Southeast Asia, has announced that it has secured additional US$1 million equity funding from TRIREC as part of SolarHome’s series A round. TRIREC is an investment holding company which focuses on renewable energy and clean technology projects. In 2018 TRIREC was joined by Insitor Impact Asia, Beenext, and a group of Singaporean family offices investing US$4.2 million via a convertible note. SolarHome subsequently raised an additional US$10 million debt financing from investors including the Japanese cross-border crowdfunding platform CrowdCredit.
SolarHome was launched in 2017 with seed funding by fintech venture builder FORUM of Singapore. Since launching, SolarHome has expanded to 20 branches in 4 regions of Myanmar. SolarHome distributes solar lighting and solar television kits to off-grid households, while financing them through a rapidly affordable Pay-As-You-Go (PAYG) model.
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About SolarHome
SolarHome is the pioneer in Pay-As-You-Go (“PAYG”) Solar for off-grid households in Southeast Asia. SolarHome installs the IFC-World Bank’s Lighting Global certified integrated solar energy and appliance units in customers’ homes, and offers radically affordable “rent-to-own” plans of energy service subscription. This dramatically lowers the barriers to adoption of solar technology by the bottom-of-pyramid clients. SolarHome is delivering a significant social impact in its addressable market of 27 million households across Southeast Asia living outside of the electric grid. Headquartered in Singapore, SolarHome presently operates in Myanmar. SolarHome was seeded and developed by FORUM, a leading fintech venture builder in Emerging Asia.
ABOUT TRIREC
TRIREC Pte Ltd is a Singapore-based investment holding company founded in 2015 focusing on global opportunities in the areas of renewable energy, clean technology and sustainability. TRIREC aims to identify suitable equity investment opportunities in early and growth stage companies which can potentially provide significant long-term upside return performance. The team also evaluates infrastructure investment projects that can provide consistent cash flows to its investors. The full spectrum of TRIREC’s investment mandate allows it to support its portfolio partners from early stage development to capital market phase and provides a balanced approach for TRIREC’s investment returns. Achieving long term sustainable and positive impact to our environment while being able to leave behind a better place for our next generation is imperative to our core values.
Source: solar-home.asia
