SunFunder backs off-grid solar provider in Malawi

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Solar financing company SunFunder has made an investment in an off-grid solar provider operating in Malawi. The Africa-focused debt provider is investing $4 million structured as a senior secured working capital facility in Yellow, which will use the loan to fund the purchase of solar products for sale to the company’s retail customers. The facility has a 4.25 year tenor with its principal repayments designed to match Yellow’s cashflows.

“Yellow has quickly established itself as a leading off-grid solar operator,” said Collins Kuindwa, an investment officer based in SunFunder’s Nairobi office who led the deal. “We are particularly pleased to be starting this new partnership having stayed in contact since their early days – supporting new players, as a trusted advisor and partner rather than just financier, is built into SunFunder’s own journey helping to establish the off-grid solar sector.”

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