Renewable Energy: Shuraako Impact Investing
Solar Energy Consulting and Construction Company (“SECCCO”) has been operating in the alternative energy and construction industry in Puntland since January 2013.
Kaafi Horn Renewable Energy Company (“Kaafi”) was established in 2012 to provide solar-based products and services to commercial and government clients throughout Somaliland.
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.