SIMA Off-Grid Solar and Financial Access Fund I
SIMA’s Offgrid Solar Fund I is one of the first large funds in the off-grid solar sector at USD 90 million. This pioneering fund brought together leading public and private sector investors and provides debt financing vital to grow off-grid solar companies and microfinance institutions offering solar products. This four-year fund has enabled leading companies to increase their scale and impact across Sub-Saharan Africa and South Asia. It has played a critical role for the success of solar home system companies deploying pay as you go (PAYG) offerings in new markets and expanded the role microfinance institutions play in offering off-grid solar products to their customers.
Milestones To Date
More than 4.4 million households impacted through Fund I.
5.4 million tons of CO2 emissions on average per year avoided to date by portfolio companies.
The fund established a Code of Conduct and helped to inspire the GOGLA association’s Code of Conduct which has been endorsed across the off-grid solar sector.
22.43 million individuals were served and 29.99 million off-grid solar products were sold till the first quarter of 2022 by portfolio companies.
21,651 people were employed by investors including 7,303 (34%) women.