Project detail - SOLARCREED B.V.

SOLARCREED B.V.

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Who is our client

SolarCreed B.V. is a Dutch start-up. It was founded in 2016 to empower farmers in Africa to use the sun to grow, preserve, package and distribute food. SolarCreed is providing farmers in Nigeria with solar and water pump solutions to increase their productivity.

Funding objective

The funding will be used to expand the business.

Why we fund this project

SolarCreed is one of the winners of FMO’s Finture Solutions challenge 2019. Finture Solutions aims to scale start-up businesses that have a positive impact in emerging markets. The solutions provided by SolarCreed are supporting the food production of farmers in Nigeria and therefore contribute to food security of the local population by using renewable energy sources.

Environmental and social rationale

Risk category B+. E&S aspects of the solar systems are: supply chain / working conditions (female electricians, safety) / affordability for the customers (over-indebtedness) / waste management / sustainability of water supply. These risks are mitigated through SolarCreed’s ways of working, showing great awareness for these aspects. FMO will work with SolarCreed to further incorporate these aspects in their operational procedures and identify future actions as applicable. Land acquisition resettlement is limited as SolarCreed works predominantly with standalone rooftop-fitted systems.

Website client
http://www.solarcreed.com
Region
Africa
Country
Nigeria
Sector
Energy
Signing date
10/10/2019
Total FMO financing
EUR 0.13 MLN
Fund
Development Accelera
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)