Crowd investing platform www.ecoligo.investments has successfully raised €50,000 to finance three solar power systems for Stanbic Bank in the country.
The campaign was backed by 42 private investors. Installation is almost completed for the three systems, which have a combined capacity of 40 kWp and are being refinanced by the crowd.
Investors will receive 5.75% interest on their investments over the loan period of 12 years. The project is implemented by ecoligo GmbH in Ghana and is part of the dena Renewable Energy Solutions Programme.
“Working with a major client such as Stanbic Bank Ghana gives confidence to the crowd investors, as well as provides an example for other businesses in Ghana to move to renewable energy.
“The energy transition in the region is still at an early stage: by enabling access to clean power for the commercial and industrial sector, projects like this can accelerate progress and pave the way for a more sustainable economy,” says Martin Baart, CEO of ecoligo GmbH.
The solar systems have been placed at Stanbic Bank’s Dansoman, Kasoa and Tema branches in Accra and Tema, with capacities of 20, 10 and 10 kWp respectively. This provides each branch with electricity from a zero-carbon source, helping the bank to operate more sustainably.
The bank is one of the largest in Ghana and employs over 1,600 people at 39 branches. The current project represents the first phase of a larger initiative on green technology, in which ecoligo and Stanbic Bank work together to provide solar systems for other branches and offices of Stanbic.
Crowd investing has seen high growth rates in recent years, with the trend set to continue. Raising money for solar energy projects in emerging markets bridges the finance gap that currently prevents the realisation of such projects, and also delivers savings that are directly passed on to energy consumers.
Flexibility and transparency make the financing instrument particularly suitable for projects in developing markets, such as those managed by ecoligo.