Renewable Energy: Shuraako Impact Investing
Solargen Technologies is a renewable energy company founded in 2012. Among other solar products, they produce solar water pumping systems, rooftop solar panel grids, and miniature grids.
National Energy Corporation of Somalia (“NECSOM”) is one of the largest electricity and energy providers in Somalia.
A purified water and dairy milk manufacturer. Through a Shuraako-brokered investment, Al-Kawsar was able to drill an additional 220m borehole to increase its water production and provide a continuous water supply for farm and factory.
The company is a solar energy installer and manufacturer of solar street lights, metal battery boxes, solar frames, irrigation pump frames, and piping systems.
The company is the sole provider of electricity to residential, commercial, and public/social services sectors via the company’s own generation capacity and transmission lines.
Aloog provides affordable and reliable power to a majority of electricity consumers in Borama through its own generation and transmission lines.
Golis Energy was established in Hargeisa in 2004 and has been providing solar power to households and commercial entities in Somaliland for over 10 years. Golis Energy received an investment to implement a revolving credit facility for commercial and household solar power to increase sales.
Shuraako connected US-based divi Inc., who was looking to conduct a commercial pilot of their solar lamps, to a Somali-based renewable energy distributor, Golis Solar Company, who was seeking a better quality solar lamp. divi Inc. designed a solar lamp with a built-in credit mechanism for a pay-as-you-go purchase. When the customer makes a payment, the lamp (controlled by a smartphone app and Bluetooth technology) is operational until the next payment is due. In a country that lacks access to formal credit, a built-in credit mechanism will allow lamps to be accessible to greater proportions of the population.