(Ecofin Agency) - The Overseas Private Investment Corporation (OPIC) announced that it provided $25 million to the Solar Energy Transformation Fund LLC (SET Fund). This fund was provided as senior debt and subordinated loan that will help mobilize investors to raise $85 million for the initiative.

SET Fund is managed by SunFunder, a financial institution that supports companies operating the off-grid sector in their funds' mobilization. It will, therefore, lend money to companies developing solutions and off-grid solar products for millions of citizens living without electricity in Sub-saharan Africa and in Asia. About 50 companies will be supported in the framework of the fund’s activities.

“Their commitment is key to unlocking private capital into the SET Fund which will enable SunFunder to more rapidly meet solar companies’ growing demand for debt capital”, Audrey Desiderato, co-founder of SET Fund said.

Gwladys Johnson Akinocho