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Uganda: SolarNow raises $6m for home systems

SolarNow announced on 18 October that it has agreed a $6m syndicated loan facility arranged by Washington DC-based SunFunder for its special purpose vehicle Safi, which stands for structured asset finance instruments. Safi provides finance for SolarNow’s residential customers, allowing them to purchase pay-as-you-go or lease off-grid solar home systems. SunFunder was also facility agent and a lender, alongside Zurich-based asset manager responsAbility Investments AG and Utrecht-headquartered social investor Oikocredit, each of whom provided $2m.

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