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SolarHome Attracts First Debt Funding with the Support of IIX
SolarHome Attracts First Debt Funding with the Support of IIX

Singapore, October 27, 2017 - SolarHome, the pioneer in Pay-As-You-Go (“PAYG”) Solar for off-grid households in Southeast Asia, secured its first debt funding.  The new financing comes on the heels of the pre-Series A equity funding round that the company recently closed. Impact Investment Exchange (IIX), a global leader in impact investing, played a pivotal role in the securing of this financing by providing the company with impact assessment and technical assistance services as well as connecting SolarHome with its debt-provider Kiva, an online lending platform connecting lenders to entrepreneurs. This support was provided as part of the award-winning IIX Acceleration for Capacity-building and Technical Services (IIX ACTS) program in partnership with USAID.

The incremental funding will be used to support the rapid growth of SolarHome’s installed system base in Myanmar.  In the recent months, SolarHome ramped up its installations run-rate to over 150 systems per week.  It now operates out of four hubs in Pathein, Myaung Mya, Hinthada, and Pyapon across Myanmar with a captive field force of over 30 sales representatives and installers.  SolarHome has also become a member of the IFC Global Lighting Program as well as the Global Off-Grid Lighting Association (GOGLA).  SolarHome was seeded and developed by FORUM, the largest fintech venture builder in Emerging Asia.

CEO of SolarHome, Ted Martynov, commented: “The achievement of first debt funding is a major milestone for SolarHome.  As a pioneer of affordable clean energy for off-grid communities in Southeast Asia, we are dealing with an addressable market of 27 million households and over $3 bln of annual spend on legacy energy sources. We are honored to see that our high social impact business model continues to attract such high caliber investors and partners as IFC, USAID, Kiva, IIX, GOGLA.  We believe that this development serves as very important validation by the market of the strength of our international team and of our execution track record.  We look forward to putting this funding to work for the benefit of the off-grid communities in which we operate.”

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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 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, the largest fintech venture builder in Emerging Asia.  

About IIX

Impact Investment Exchange (IIX) is a Singapore-based impact enterprise that builds pathways to connect backstreets of underserved communities to the Wall Streets of the world through impact investing. IIX investment platforms and innovative financial products enable impact enterprises to accelerate their business and scale their positive impact while pushing the impact investing space from the margins to the mainstream. IIX also operates Impact Partners, a private platform that connects Impact Investors with a select group of pre-screened Impact Enterprises seeking investment capital. To date, the work of IIX has spanned 20 countries and continues to expand with the mission of unlocking US$5.6 billion of impact investment capital, impacting 300 million lives by 2022.

About FORUM

FORUM (www.forum-cap.com) is the largest fintech venture builder in Emerging Asia, focused on the $500 bln growth opportunity in the Consumer Lending vertical.  We identify unique market segments for rapid value creation and build market-leading companies for capital gain. We are currently developing four companies across Asia: CredoLab, AsiaCollect, SolarHome and AsiaKredit.  FORUM is headquartered in Singapore.

 

 

Solar Pioneer SolarHome Secures $1.1 mln in Pre-Series A Funding
Solar Pioneer SolarHome Secures $1.1 mln in Pre-Series A Funding

Singapore, August 17, 2017 - SolarHome, the Southeast Asian pioneer in Pay-As-You-Go (“PAYG”) Solar for the off-grid bottom-of-pyramid population, closed an oversubscribed Pre-Series A equity funding round.  The round was led by Uberis Capital, the leading impact VC firm in Southeast Asia, and included participation from Beenext VC and other regional investors.  Forum Capital, Singapore-based venture builder, had previously provided seed funding.  This round brings the company’s total financing to-date to over $1.1 mln.  

 

The revolutionary PAYG Solar business model offers off-grid customers “rent-to-own” plans of energy service subscription, priced at a radically affordable level of $3-15 per month.  This dramatically lowers the barriers to adoption of Solar Home Systems for the bottom-of-pyramid clients.  The market opportunity is enormous, with over 150 million people living off-grid in Southeast Asia.

 

Managing Partner at Uberis Capital Nicolas de Boisgrollier commented:  “The PAYG model has emerged as a clear leader in off-grid electrification in Africa, India, and Latin America, having reached millions of homes and attracted over USD 500 million of investment over the last few years.  We see the same tailwinds in Southeast Asia – massive off-grid population, rise of alternative credit scoring and mobile money, and a growing acknowledgement by governments and DFI’s that distributed generation is the answer.  Unlike many other renewables businesses, PAYG is very scalable and operates profitably without subsidies, which makes this business model very attractive.  We were very impressed by the team’s expertise and achievements to date, and are excited to support SolarHome’s future development into a regional market leader.”

 

Chairman of SolarHome and Managing Director of Forum Capital Greg Krasnov commented:  “This is the third Forum Capital-built venture to close an oversubscribed funding round in the last few months.  SolarHome’s investment proposition lies at the intersection of a few highly exciting trends, such as financial inclusion, renewable energy, digitally-enabled lending, and Southeast Asian economic growth.   We are excited to partner with the lead investor Uberis Capital, who have vast experience supporting impact ventures around Southeast Asia.  We look forward to working with them on the Board to grow the company to the next level.”

 

Pioneered in East Africa, the PAYG approach has been remarkably successful in bringing clean and affordable energy to millions of off-grid customers in just a few years. SolarHome is the first company to successfully implement this business model in Southeast Asia, where over 150 million people still live off-grid.  The company has completed a pilot in Myanmar, and will use the additional funds to grow its installations to over 10,000 units in the next year.  SolarHome’s international team, led by CEO Ted Martynov, and strategically supported by Forum Capital, possesses world-class expertise and solid track record in inclusive consumer finance.  

 

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About SolarHome

 

SolarHome (www.solar-home.asia) is the Southeast Asian pioneer in Pay-As-You-Go (“PAYG”) Solar for the off-grid bottom-of-pyramid population.  Its revolutionary PAYG Solar business model offers off-grid customers “rent-to-own” plans of energy service subscription, priced at a radically affordable level of $3-15 per month.  This dramatically lowers the barriers to adoption of Solar Home Systems for the bottom-of-pyramid clients.  Pioneered in East Africa, the PAYG approach has been remarkably successful in bringing clean and affordable energy to millions of off-grid customers in just a few years. SolarHome is the first company to successfully implement this business model in Southeast Asia, where over 150 million people still live off-grid.  Headquartered in Singapore, SolarHome presently operates in Myanmar, with plans to expand across Southeast Asia and become one of the leading for-profit social enterprises in the region.  

 

 

 

Forum Capital (www.forum-cap.com) is a Venture Builder focused on inclusive fintech and consumer finance in Southeast Asia, headquartered in Singapore.   Forum Capital’s core business is identifying unique market opportunities for rapid value creation and building exciting new growth companies for capital gain.  Forum Capital’s ventures are built around specific high-potential macro trends, including Financial Inclusion, Emerging Southeast Asian Giants, Credit Risk Mitigation, and Digitally Enabled Lending.  The company’s principals have a track record of over $100 mln of capital gain for investors in emerging markets consumer finance.  Forum Capital’s portfolio includes CredoLab (www.credolab.com), SolarHome (www.solar-home.asia), AsiaCollect (www.asiacollect.com), and AsiaKredit (www.asiakredit.com).  

SolarHome is expanding its presence in Ayeyarwaddy
SolarHome is expanding its presence in Ayeyarwaddy

Yangon,25th September, 2017: SolarHome, the first driving force in clean energy services for rural areas in the SEA, is expanding its presence in Ayeyarwaddy region of Myanmar by opening two more operational hubs which would cover Hinthada, Myaung Mya, Einme, Kandgidaung, Ngapudow and several other townships.

As a result of the expansion about  570 000 off-grid households are covered by SolarHome operations and have an access to the affordable solar energy services.  

SolarHome believes that launching regional hubs is the way to deliver high-quality solar lighting solutions to off-grid households through the network of agents travelling to the remote villages and presenting the products. Targeted at the poorest households who cannot afford the high upfront cost of having the reliable solar lighting equipment, SolarHome offers affordable service plans ranging from 5,000 MMK to 12,000 MMK monthly payment. The company provides services including two-year warranty, free consultation, delivery, installation and other support to its customers, which is highly valued.

SolarHome is also proud of creating the job opportunities in one of the most economically depressed and suffering from the cyclone Nargis consequences and regular flooding area of Myanmar. More than 30 people among native Ayeyarwaddy citizens, who are already employed by SolarHome, have a decent income and the team is growing rapidly.   

There are around 500 SolarHome systems installed in Ayeyarwaddy region households so far and many more are yet to come in the nearest future. 

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About SolarHome

SolarHome (www.solar-home.asia) is a Southeast Asian pioneer in Pay-As-You-Go (“PAYG”) Solar for the off-grid poor sectors of the population. Its revolutionary PAYG Solar business model offers off-grid customers “rent-to-own” plans for energy service subscription at a radically affordable price ranging from 3$ to 15$ per month. This approach helps the poor bring down the barriers to Solar Home Systems ownership. Pioneered in East Africa, the PAYG approach has been remarkably successful in bringing clean and affordable energy to millions of off-grid customers in just a few years. SolarHome is the first company, which implemented this business model in Southeast Asia where over 150 million people still live off-grid, and did it successfully. Headquartered in Singapore, SolarHome currently operates in Myanmar, with plans to expand across Southeast Asia and become one of the leading for-profit social enterprises in the region.

 

Media contact person

Phoo Pyae Pyae Soe

Email: phoo@solar-home.asia

Phone: 09 455160638

SolarHome appoints Mr.Vaishnav Sunil as a Chief Financial Officer
SolarHome appoints Mr.Vaishnav Sunil as a Chief Financial Officer

Yangon,22nd June,2017: SolarHome, a first mover in the Pay As You Go solar space in South East Asia, is pleased to announce that Mr. Vaishnav Sunil has joined the team as Chief Financial Officer. He will be responsible for fundraising, investor relations, structuring, balance sheet optimisation, financial controls and compliance. As SolarHome continues to extend its network and product suite in Myanmar, he will play a strategic role in scaling the company’s operations and mitigating the financial risks associated with the same.

Vaishnav brings with him experience from both banking and venture capital. He was previously a part of the Investments team at tryb Capital, a fintech focussed venture capital firm based in Singapore. Prior to tryb Capital, he   worked with JP Morgan's Asset Management franchise in Southeast Asia where he advised family offices and individuals on investments, credit solutions and structuring. He brings with him the right financial management skills along with a track record of dealing with both private and institutional investors.

He says “SolarHome presented a very exciting opportunity for me - to work in a lucrative space in a fast growing market while creating immensely positive social impact. As I see it, Solar Home is special in its ability to combine the agility of a startup with a bottom line focussed, experienced management team. The level of interest the company has generated with both investors and consumers thus far is a testament to the same.”

Fedir Martynov, CEO of Solar Home comments "We are thrilled to have Vaishnav on board and it shows how quickly we are moving to scale up our operations and put a professional team in place. This is timely for us as we are at an inflection point in our business where we have to grow our balance sheet without taking our eyes off the operational efficiency.”

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 About Solar Home

Solar Home provides a clean energy solar system to households in remote areas with a Pay As You Go payment model, structured to offer customers with an affordable payment system. It was founded in 2016 as one of the investments of Forum Capital, a leading investment firm in Singapore. For more info, please visit http://solar-home.asia/en/

Media contact person

Phoo Pyae Pyae Soe

Email: phoo@solar-home.asia

Phone: 09 455160638

Small entrepreneurs in rural Myanmar need solar lighting to grow their business
Small entrepreneurs in rural Myanmar need solar lighting to grow their business

Yangon, 31st May, 2017: SolarHome reveals that around one third of its customers are local entrepreneurs. Among them are grocery shop owners, fruit shop owners, small restaurant owners and other businesses such as duck farms. Because of this, entrepreneurs and small businesses are likely to choose a PAYG lighting option with an affordable monthly payment. 

"I prefer to pay a monthly fee for two years for reliable light because it enables me to put more money into my business and make an immediate profit," said Daw Myint Kyu, betel shop owner. 

At the same time having efficient and independent solar lighting can become a competitive advantage. While competing fruit shops on the road are use the minigrid which switches off at 9 pm, SolarHome clients can sell fruit later and earn more.   

“ Snakes usually hunt the ducks at night. Staying in the dark is too dangerous for us when we guard the farm and life can be short for the little ducklings who are most frequent victims of the snakes. Egg production rate is also greater in the light and leads to more income. Since the light is so important my sons used to drive motorbikes twice a day to charge our batteries in order to keep the lights on the whole night. This time would have been much spent working on the farm. After buying 3 solar home systems from SolarHome we now have much better light, more free time, and we are spending less for motorbike fuel,” said U Hla Aung, owner of a duck farm in Myaung Mya neighborhood. 

By fostering rural entrepreneurs and farmers with PAYG solar business services in the Ayeyarwady division, SolarHome is positioning itself as a for-profit responsible business with impact at its heart. 

About Solar Home

Solar Home provides a clean energy solar system to households in remote areas with a Pay As You Go payment model, structured to offer customers with an affordable payment system. It was founded in 2016 as one of the investments of Forum Capital, a leading investment firm in Singapore. For more info, please visit http://solar-home.asia/en/

Media contact person

Phoo Pyae Pyae Soe

Email: phoo@solar-home.asia

Phone: 09 455160638