New IFISA bond offering to back schools and clinics in Kenya

By Ryan Weeks on 26th February 2018

P2P/Marketplace Lending

The £70,000 bond underscores the diversity of the IFISA market.

New IFISA bond offering to back schools and clinics in Kenya

The £70,000 bond underscores the diversity of the IFISA market.

Impact investors now have the chance to back 25 schools and 5 clinics in Kenya via the Innovative Finance ISA.

A new bond offering from the ethical investment platform Lendahand Ethex Ltd is seeking to raise £70,000 for a company named Sollatek. The firm intends to use the money to install solar systems in 25 schools and 5 clinics across Kenya, thereby benefiting 8,450 school children and having a marked impact on local healthcare services.

The bond will target returns of 5 per cent per annum, with a minimum investment of £50. For every £3 that is invested into the project by investors, an additional £1 of “match funding” will be invested by the Good Energies Foundation.

At present, 64 per cent of the Kenyan population are unable to access mains electricity. Sollatek’s mission is to use the funding to procure, import and install solar systems for lighting, water pumping and/or water heating in schools and health clinics over a two-year period.

The company has been active in East Africa for over 30 years, and has sold more than 650,000 solar lanterns and solar home systems in the last 7 years.

“Solar energy access is hugely important both from a social development and environmental perspective,” said Lisa Ashford, director of Lendahand Ethex Ltd. “This project is very important as it offers clean and affordable energy to school children, increasing the study time and their chances to have access to education. The impact for the future of these children can be quite significant.”

Dutch emerging markets lender Lendahand and impact investment firm Ethex first launched their Energise Africa initiative in October of last year, pledging to put solar energy systems in the homes of over 110,000 families. The scheme has the backing of the UK Department of International Development and Virgin Unite. 

Find out more about the Innovative Finance ISA with our first IFISA Special Report.

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