EIT InnoEnergy supported start-up, ecoligo, achieves crowd funding success
The EIT congratulates EIT InnoEnergy supported start-up, ecoligo, who recently announced that they funded a first solar project through their crowd investing platform within only six days of the project being published on their website.
In total, fifty-four investors financed a 66 kWp solar installation for a flower farm in Thika, Kenya. For those who missed this first opportunity, a second project was launched on 19 April.
The investment sum of EUR 107 000 will finance the first of two solar systems for the farm. All investors received an early-bird investment bonus that was valid in the first seven days and will earn 5.5% on their investment, which will be repaid over the next five years.
Remarkable success in less than a week
Markus Schwaninger, CFO of CEO of ecoligo, was impressed by the speed at which the project was financed. 'While bridging the finance gap preventing these projects from being built was our key motive for founding ecoligo, we also know that there are not enough vehicles for people to make transparent, sustainable investments. That our ecoligo first project was funded so quickly shows an evident demand for such investment opportunities. We see this as a great opportunity to mutually solve issues of the developed and developing world.'
Crowd investing has seen major growth in recent years, allowing private investors to invest directly in areas such as real estate and energy. ecoligo aims to enable citizen participation in the ‘Energiewende’ on an international scale and plans to finance projects in more emerging markets this year, mostly in Sub-Saharan Africa.
Second project to be launched on 19 April
Following the quick funding of its first project, ecoligo has decided to second project open to crowd investors on 19 April. The project will finance the second solar system for the Fairtrade and MPS certified farm and has a base interest rate of 5%, with a running time of five years. With total annual CO2 savings of 184 tonnes, the two solar systems help the farm to meet its environmental objectives.
As with the first project, the investment will be provided in the form of a loan to ecoligo’s partner in Kenya, Ariya Leasing, who will manage the project. Once built, the farm will be able to receive solar energy at a lower cost than from the national grid. As Ariya Leasing will repay the loan in Euros, the project holds no currency risk. Allianz Climate Solutions will support ecoligo as a technical advisor in the assessment of the solar projects.
The second solar project will be open to private investors from Germany on 19 April 2017. More information on ecoliga here.
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