58,450 systemsOOLU Solar has sold approximately 58,450 solar lanterns and solar home systems since it's incorporation.
292,250 peopleThe total number of OOLU solar home systems deployed has impacted the lives of approximately 292,250 people.
OOLU SARL is a company incorporated in 2015 in Senegal and is one of the fastest growing off-grid solar companies in West Africa. "Oolu" means trust in Wolof, the local language most commonly spoken in Senegal, and so corresponds with OOLU's goal to provide quality products and after sales service that communities and customers can trust. Since their incorporation they have installed over 58,450 solar home systems to families in Senegal and Mali and have expanded their operations into Burkina Faso and Niger in 2019.
Key product information
Issuer: OOLU SARL
Issuing Country: Senegal
Investment target: £93,000
Minimum investment: £50
Maximum investment: No maximum
Maturity: 24 months
Expected interest rate: 7% per annum
Witholding tax rate: 10% (applicable to UK residents who do not invest within an IF ISA)
Interest payment frequency: 6 monthly
Capital repayment frequency: 6 monthly (from 12 months onwards)*
Financial instrument: Unsecured interest bearing bond
* For the first 12 months after the Issue Date, a "Grace Period" applies during which no capital repayments occur. During this Grace Period, the Issuer will make Interest Payments on the Interest Payment Dates. For the avoidance of doubt, after the Grace Period, the capital repayments are semi-annual and in equal installments. Please refer to the amortization schedule found on Page 19 of the offer document
This is a bond issued by a single company (rather than a savings product) and therefore it is recommended that you are careful with the amount you invest.
You must read the investment memorandum (provided below) where a full statement of risks is presented.
What the project investment will enable
Further to our recent communication concerning the effect of COVID-19 on our Solar Partners, monies raised under this offer will be used to repay investors from an earlier campaign that is due on 01/01/21. This mechanism allows OOLU to refinance their existing debt raised on Energise Africa on more favourable terms i.e. a 12 month grace period on capital repayments. Investors should be aware that this offer is for the specific purpose of easing short term cashflow of OOLU, and that the increased uncertainty of investing into this campaign is mitigated to an extent through an increased interest rate of 7% relative to earlier OOLU campaigns, which were offered at 6%.
You can read Energise Africa's full approach to COVID-19 here.
OOLU is looking to raise £93,000 from this bond issue and this will be used to repay investors from an earlier campaign that is due on 01/01/2021.
Not only will your investment into this offer help alleviate OOLU's cash position by refinancing repayments to EA investors, but you'll also be helping the company to continue and provide further employment opportunities. By the end of 2019, Oolu has scaled up their operations in Niger and Nigeria and within 3 years they expect to have expanded into 9 countries in West Africa.
Social and environmental impact
SHS & lanterns have been shown to have a significant impact on customers' lives and the environment. OOLU SARL has sold over 58,450 SHS in Senegal and Mali, impacting the lives of roughly 292,250 people.
Social Impact statistics taken from GOGLA's July 2019 study 'Powering Opportunity: The Economic Impact of Off-Grid Solar'
of solar light users who previously used kerosene lamps experienced an improvement in their health
of customers purchasing a solar lantern or home system reported feeling safer since buying or using their product
of households with children report that they now have more time with which to do their homework
Using industry-recognised Global Off-Grid Lighting Association (GOGLA) impact metrics, OOLU has calculated the environmental impact of installing 58,450 Solar Home Systems since incorporation as follows:
Number of people who are currently enjoying clean energy access
Average new household saving on energy-related expenditure over solar product lifetime
Annual total CO2 emissions offset