Swedfund, the Swedish Development Finance Institution, has committed $12 million to the Solar Energy Transformation Fund managed by SunFunder. The investment will contribute to increased access to electricity, as well as the increased generation of renewable energy, for exposed demographics in the least developed countries in the world, according to the OECD DAC list.
The investment is in line with Swedfund’s energy and climate sector goals of investing in the off-grid sector for solar energy, particularly in sub-Saharan Africa, where more than half of the total population lacks access to electricity.
The investment gives Swedfund the opportunity to support the off-grid sector in sub-Saharan Africa and in Asia, by a debt commitment to the Solar Energy Transformation Fund, managed by Nairobi-based sector specialist SunFunder. Swedfund’s capital will be used to provide loans to corporate borrowers active in the off-grid solar space — primarily in sub-Saharan Africa
