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Kenya: Crowdfunded solar systems for Bondet FarmKenyan flower farm Bondet Farm is planning to put its 35 ha greenhouse under solar energy. The costs to realize this project is 144,000 euro and will be financed through the crowdinvesting platform of ecoligo, a solar utility that provides low-cost solar energy to businesses in emerging markets. Earlier this year, ecoligo raised a total of 260,000 euro to supply another Kenyan flower farm, Penta Flowers, with a total of 198 kWp of solar electricity.
One on-roof solar power system that will provide 50 kWp for cooling and offices. And another free-standing solar system that will provide 68.9 kWp for water pumps for the irrigation of greenhouses.
To provide total capacity of 118.9 kWp
Two systems for Bondet Farm will be financed and they will provide a total capacity of 118.9 kWp (50 kWp and 68,9 kWp) of solar electricity to the farm. After completion, the solar systems will supply the majority of Bondet Farm’s daytime electricity and at peak times will provide 100% of the farm’s required power. This will save 117 tonnes of CO2 emissions per year.
First farm of Kariki Group to run on solar energy
Bondet Farm grows eryngium, hypericum, astrantia, hydrangea and big headed roses situated in Nanyuki at the base of Mount Kenya on an area of 35 ha at an altitude of 2,100 meters above sea level. The farm is part of the Kariki Group, a group that comprises 4 flower farms located at differing altitudes in Kenya with in total 130 ha under production and employs over 1,300 people. Bondet is the first farm of the group that will run on solar energy.
The finance volume is 144,000 euro and will be raised through ecoligo's crowdinvesting platform. In this way, they close the finance gap that prevents these projects from being realised. Investors into this project will receive 5.0% interest over 5 years and can invest from 500 euros. 13 days remain, then the first financing threshold of 60,000 euros must be overcome.
Herta von Stiegel, Executive Chair of Ariya Capital
In a similar format to that of ecoligo’s first project, Ariya Leasing will receive the investment in the form of a loan and will manage the project. Ariya Leasing, ecoligo’s partner in Kenya, is a wholly owned subsidiary of Ariya Capital Ltd., a project developer and investor in renewable energy solutions. “We are committed to providing businesses with access to clean, affordable solar power, particularly in the agricultural sector. By providing electricity for our customers through cost-effective leasing models, we can effectively reach this goal. We are very pleased with the success of the Penta Flowers project and are happy to work with ecoligo again”, says Dr. Herta von Stiegel, Executive Chair of Ariya Capital Ltd.
198 kWp of solar electricity for Penta Flowers
Ecoligo raised a total of 260,000 euro in April this year to supply Penta Flowers farm with a total of 198 kWp of solar electricity. Sustainable Power Systems Ltd., an installation company working in cooperation with Ariya Leasing and ecoligo, began the installation of the solar systems in July. The project is expected to start generating electricity in August. More information can be found here.
Ecoligo was founded in 2016 by Martin Baart and Markus Schwaninger, whose extensive experience in the markets demonstrated the clear need for renewable energy finance. By financing the solar system through the finance gap that prevents these projects from being realized.
“We are very pleased with the progress of the Penta Flowers project, which is also a testament to the professionalism of Ariya Leasing. We look forward to seeing many more projects implemented through this partnership. Bondet Farm of Kariki Group is the next step in this", says Markus Schwaninger, CFO
Ecoligo’s founders are both certified experts in renewable energy finance and the company is supported by Allianz Climate Solutions as a technical advisor in the assessment of the solar projects. The Bondet Farm project opened to private investors at 18:00 CET on August 3, 2017. More information here (in German).
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